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Types of Trusts

Trusts are used for many different reasons, in a variety of ways. A trust is a right in property, which is held in a fiduciary relationship by an individual for the benefit of another. There is a Trustor, who creates the trust, the Trustee, who holds titles to the trust property, and the Beneficiary, the person who receives the benefits of the trust. Some examples of trusts include:

  • Revocable Trust: Revocable trusts are created during the lifetime of the trustor. They can be altered, changed, modified, or even revoked entirely. These types of trusts are helpful for avoiding probate but not asset protection.
  • Irrevocable Trust: An irrevocable trust cannot be altered, changed, or modified after its creation.
  • Asset Protection Trust: An asset protection trust is designed to protect claims of future creditors from accessing a trustor’s estate.
  • Charitable Trust: A charitable trust is a trust designed to benefit a specific charity or the public in general.
  • Constructive Trust: A constructive trust is an implied trust that is established by court which can be determined by certain facts or circumstances.
  • Spendthrift Trust: A spendthrift trust is a trust that is created for the benefit of an individual, who is often unable to control his spending, which gives a trustee full authority to makes decisions as to how the trust funds may be spent for the benefit of the beneficiary.
  • Generation-skipping Trust: A generation-skipping trust is a trust that allows you to transfer a substantial amount of money tax-free to individuals that are at least two generations your junior, i.e. your grandchildren.
  • Pet Trust: A pet trust is a trust created for the benefit of an animal/pet.
  • Gun Trust: A gun trust is a trust created to hold federally regulated firearms.
  • Special Needs Trust: A special needs trust is a trust which is set up for an individual who receives government benefits so as not to disqualify the beneficiary from such government benefits.
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