What are the different types of trusts?

Each trust falls into six broad categories—living or testamentary, funded or unfunded, revocable or irrevocable. Trusts are created by settlors (an individual along with a lawyer) who decide how to transfer parts or all of the individual's assets to trustees. These trustees hold on to the assets for the beneficiaries of the trust.

How do I create a trust?

You can create a trusts by working with an estate planning attorney or using estate planning software. A trust, sometimes called a trust fund or trust account, is a legal arrangement to ensure a person’s assets go to specific beneficiaries.

What is a trust & how does it work?

A trust, sometimes called a trust fund or trust account, is a legal arrangement to ensure a person’s assets go to specific beneficiaries. The trust creator puts assets in the trust account and authorizes a trustee to administer those assets for the trust creator or beneficiaries. Some trusts can reduce estate taxes Trusts have three main players: