More Than 100 Different Trust Types

Trust types are nearly endless. The first issue is always clarifying the trust purpose. The trust purpose is dependent on the trust property and beneficiary. Before going to far into the different types of trust documents, it makes sense defining what having a trust means.

A trust is a usually a document or legal instrument establishing the terms and conditions of our property, which is a legal arrangement where a trustee holds and manages assets on behalf of a beneficiary or beneficiaries. There are several types of trust documents, each with their own specific requirements and purposes.

One common type of trust document is a revocable living trust, which allows the grantor to maintain control over their assets while they are alive, and then transfer them to their designated beneficiaries after their death. This type of trust can be modified or revoked at any time during the grantor’s lifetime.

Irrevocable trusts, on the other hand, can rarely be modified or revoked once they are established. Also, the grantor gives up control over the assets. This type of trust is often used with elderly care matters (nursing home), reduce taxes, charitable opportunities, and or protect assets from creditors.

Another type of trust document is a testamentary trust, which is established through a will and only takes effect after a person dies. This type of trust can be revocable or irrevocable, and is often used to provide for minor children or other beneficiaries who may not be able to manage their own assets.

All this aside, each type of trust document requires careful consideration and expert legal advice to ensure that it meets the grantor’s needs and objectives.

A List of Trust Types

Here is a brief outline of trust types sometimes considered:

When or if you decide to meet with a lawyer, their role is to help a person find a trust type that aligns with the Grantor’s goals, while addressing many issues likely never considered.