Revocable Living Trust
Charitable Lead Trust
Charitable Remainder Trust
Wealth Replacement Trust
There are four basic types of Trusts:
- Inter Vivos - the trust is created and operational during the owner’s life. The operation of the trust after the death of the owner will be based on instructions outlined in trust instrument by the owner prior to his/her decease e.g. administration may be carried out by the spouse or trustee depending on survival.
- Testamentary - this is a type of will which provides guidance on the way in which the decedent’s property is to be distributed after death. It is created and only becomes operational upon the death of the owner and after the probate process.
- Revocable - created during life and the grantor retains the right to amend or revoke the trust. This type of trust usually becomes irrevocable upon the death of the grantor.
- Irrevocable - created during life and the grantor relinquishes all rights to amend or revoke the trust. Any amendments can only be made upon the consent of all the beneficiaries.
