What type of trust is created and has operative effect during the trustor's life but can be revoked or terminated?

The correct answer is a revocable inter vivos trust, which is a type of trust created during the trustor's lifetime that allows the trustor to maintain control over the assets and modify or revoke the trust at any point while they are alive. This flexibility is a key feature of a revocable inter vivos trust, making it a popular estate planning tool.

The trustor can manage the assets in the trust, and they can alter the terms or dissolve the trust entirely if their circumstances or intentions change. This adaptability serves the interests of the trustor, allowing them to respond to personal changes or shifts in their estate planning goals without the need for court intervention.

In contrast, an irrevocable trust, once established, cannot be changed or revoked by the trustor, which limits their control over the assets. A testamentary trust, on the other hand, is created through a will and takes effect only upon the trustor's death, so it does not operate during the trustor's lifetime. Lastly, a constructive trust is not a type of trust created by a trustor's intention but rather a legal remedy imposed by a court to address issues of unjust enrichment or wrongful taking of property.