The revocable living trust is used by individuals to establish a trust agreement for his benefit during his lifetime. A benefit of this type of trust is that any assets placed in the trust during that individual's lifetime, or which are designated to go into the trust directly upon death avoid probate.
The terms of an irrevocable cannot be changed by its creator. The primary purpose of establishing an irrevocable trust is typically to remove assets from the estate of an individual for either estate tax purposes or to shield assets from claims or creditors. Irrevocable trusts can also be established to provide for the management and administration of gifts of assets.
A testamentary trust is a trust which is established by a will. The trust only comes into being after the death of its creator. As a testamentary trust is established with assets that pass through the estate, these assets will not avoid probate. However, it is possible to have insurance or other assets payable directly to the testamentary trust and avoid probate in that manner.
Special Needs Trusts
A Special Needs Trust, sometimes referred to as a Supplemental Needs Trusts, is a document created specifically to benefit an individual that has special needs and/or disabilities. It is generally used as a way to transfer assets without reducing the benefits received from various government programs including Social Security and Medicaid. Additionally, it is often used as a supplemental to provide extra care for the individual beyond what the government will provide by allowing parents to provide money to fund the trust, often with the purchase of a life insurance policy payable directly to the trust.
A land trust allows an individual to have the legal title to his property held by another person as a trustee while retaining all of the rights and privileges of property ownership.
A Pet Trust is a legally enforceable method to provide for the care, maintenance, and well-being of your pet in the event of your disability or death. In this type of trust, funds are transferred into a trust and distributed by a trustee for the care of the animal over the pet’s remaining life. You are also able to select the beneficiaries for any remaining funds.