To start, there are two different types of trusts, either living trusts or testamentary trusts. A living trust is created during the person’s lifetime, whereas the testamentary trust is established after death as part of the will. When it comes to living trusts, they can either be revocable or irrevocable. A revocable trust can be changed or modified at any time; you stay in control of all the assets and change the terms whenever you choose. An irrevocable trust does not allow the same flexibility; changes cannot be made without the beneficiary’s consent. The assets in the trust are no...
Understanding Trusts, Types, and Purposes