Is there more than one kind of Revocable Trust?

The most common type of Revocable Trust is the Intervivos Trust (the Living Trust), which is created while the testator lives and which holds the testator’s assets during the testator’s lifetime. The Testamentary Trust is a Trust which is written into a will and does not come into being until after the death of the testator. Testamentary Trusts are not functional or funded with the testator’s assets until after the Will goes through probate. For this reason, Testamentary Trusts are not commonly used.