A trust is a legal arrangement where assets are held by a trustee on behalf of a beneficiary. Trusts are commonly used in estate planning to manage and distribute assets according to the wishes of the trust creator.

There are several types of trusts, including revocable trusts, irrevocable trusts, living trusts, testamentary trusts, charitable trusts, and special needs trusts. Each type of trust serves a different purpose and has its own set of rules and requirements.

A revocable trust, also known as a living trust, can be changed or revoked by the trust creator during their lifetime. This type of trust allows for flexibility and control over assets while avoiding probate upon the creator’s death.

An irrevocable trust cannot be changed or revoked once it is created. Assets transferred to an irrevocable trust are no longer considered part of the trust creator’s estate, providing potential tax benefits and asset protection.

Trusts can be used in estate planning to avoid probate, minimize estate taxes, provide for minor children or beneficiaries with special needs, protect assets from creditors, and control the distribution of assets over time.