Trusts are a valuable estate planning tool and are frequently used to avoid the probate system. When you set up a trust, you (the “settlor”) place assets in the hands of a trustee. The trustee manages the property for the benefit of your designated beneficiaries.
Generally, there are two forms of trusts: revocable and irrevocable trusts. A revocable trust can be modified or terminated during the settlor’s lifetime. An irrevocable trust is a trust that cannot be altered or terminated by the settlor once created. In most states, trusts are presumed irrevocable unless otherwise stated.
However, revocable and irrevocable trusts come in a variety of forms and are established for many reasons, Some of the most common types of trusts include:
While some of the most common types of trusts are discussed above, there are many other types of trusts, including:
Most people cannot draft trust documents without the help of an trust and estate lawyer. An experienced lawyer can help you select the correct type of trust for your needs. And, hiring a lawyer will ensure that your documents are properly drafted and legally binding.
Last Modified: 06-24-2018 08:40 PM PDTLaw Library Disclaimer
We've helped more than 4 million clients find the right lawyer – for free. Present your case online in minutes. LegalMatch matches you to pre-screened lawyers in your city or county based on the specifics of your case. Within 24 hours experienced local lawyers review it and evaluate if you have a solid case. If so, attorneys respond with an offer to represent you that includes a full attorney profile with details on their fee structure, background, and ratings by other LegalMatch users so you can decide if they're the right lawyer for you.