There are several types of trusts, including revocable trusts, irrevocable trusts, living trusts, testamentary trusts, and special needs trusts. Each type of trust has its own unique features and benefits.

A revocable trust is a trust that can be modified or revoked by the grantor during their lifetime. This type of trust allows the grantor to maintain control over their assets while also providing flexibility in estate planning.

An irrevocable trust is a trust that cannot be modified or revoked once it is created. This type of trust is often used for asset protection and estate tax planning purposes.

A living trust is a trust that is created during the grantor’s lifetime and holds assets that will pass to beneficiaries upon the grantor’s death. This type of trust can help avoid probate and provide privacy in estate distribution.

A testamentary trust is a trust that is created through a will and only takes effect after the grantor’s death. This type of trust can be used to provide for minor children or beneficiaries with special needs.

A special needs trust is a trust that is specifically designed to provide for individuals with disabilities without affecting their eligibility for government benefits. This type of trust can help ensure that the beneficiary’s needs are met while preserving their access to essential services.