(a) That comes into existence during the settlor’s lifetime; and
(b) Is a revocable trust on the occurrence of any of the events described in ORS 130.530 or 130.535.
(2) ORS 130.540 to 130.575 apply only to a trust, or a portion of a trust, that comes into existence during the settlor’s lifetime and that was a revocable trust at the time of the settlor’s death. [2005 c.348 §110; 2013 c.529 §10]