I. A trust created by the will of the decedent is known as a testamentary trust. II. Any trust that requires all of its income to be distributed on an annual basis is a simple trust. III. The most common use for an inter vivos revocable trust is to avoid probate. A IV. An ILIT is created to own the life insurance policy on the grantor's life and ensure inclusion in the decedent's gross estate. WELand Vanly