Types of Trusts

Every trust is tailor-made to fit the financial needs and goals of the grantor. Here are some types of trusts and the general purposes they serve:

  • Living (Inter-Vivos) Trust
    • Created and funded during your lifetime. It can be revocable or irrevocable.
  • Revocable Trust
    • May be altered or terminated during the grantor’s life. Passed to beneficiaries only after the grantor’s death, then coverts to an irrevocable trust.
  • Irrevocable Trust
    • Cannot be modified. Can eliminate estate taxes. The trust is the owner of the assets.
  • Trust Under Will/Testamentary Trust
    • Created at the instruction of the will of the grantor and considered irrevocable. An effective estate-planning tool in providing for those who, because they are too young or otherwise not capable, cannot assume the responsibility of significant financial gifts.
  • Life Insurance Trust
    • Owns a life insurance policy or policies; provides for the reduction or avoidance of estate taxes.
  • Charitable Trust
    • Designed for gifts to a charity; achieves income and estate tax savings for the grantor.
  • Special Needs Trust
    • Provides for special or supplemental benefits to trust beneficiaries while preserving government benefits.
  • Court Appointments
  • Guardianships
  • Conservatorships