Here is a list of some common types of trusts: Choosing the right one for your family/business/self.

– **Revocable Trust**: A trust that can be changed or canceled by the creator (grantor), who often acts as the trustee.

The grantor still owns the assets in the trust and must report any revenue generated by the trust on their taxes.

Revocable trusts become irrevocable when the trustor dies¹.
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**Irrevocable Trust**: A trust that cannot be modified or revoked by the grantor without the permission of its beneficiaries.

Once an irrevocable trust is established, the grantor relinquishes ownership and control of the assets listed in the trust, which are transferred out of their estate¹.
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**Special Needs Trust**: A trust established to meet the financial requirements of a dependent with special needs and appoints them as the beneficiary. It funds the beneficiary’s medical care or day-to-day needs while retaining the dependent’s entitlement to government benefits¹.
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**Asset Protection Trust**: A trust that allows the trustee to hold your assets to protect them from taxation, divorce, bankruptcy, and other judgment creditors¹.
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**Charitable Trust**: A trust established during the trustor’s lifetime that distributes assets to the chosen charity or non-profit organization upon the trustor’s death¹.
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**Constructive Trust**: An implied or constructive trust that is created by a court to benefit a party that has been wronged by another party’s actions¹.
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**By-Pass Trust**: A type of irrevocable trust that allows married couples to reduce or avoid estate taxes when passing assets to heirs¹.
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**Testamentary Trust**: A trust created by a will that only takes effect after the death of the person making the will¹.
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**Totten Trust**: A type of revocable trust created during the lifetime of the grantor by depositing money into an account at a financial institution in their own name as trustee for another person¹.
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**Blind Trust**: A trust in which the beneficiaries have no knowledge of the holdings of the trust and no right to intervene in its handling¹.
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**Credit Shelter Trust**: A type of irrevocable trust that allows married couples to reduce or avoid estate taxes when passing assets to heirs¹.
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**Life Insurance Trust**: An irrevocable trust that owns a life insurance policy on the life of the grantor¹.
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**Spendthrift Trust**: A trust created for a beneficiary who is unable or unwilling to manage their own financial affairs.

The trustee has full authority to make decisions on how the funds in the trust are spent for the benefit of the beneficiary¹.
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**QTIP Trust**: A type of irrevocable trust that allows married couples to provide for a surviving spouse while also maintaining control over how remaining assets are distributed after both spouses have died¹.
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**Generation-Skipping Trust**: A type of irrevocable trust that allows grantors to transfer assets tax-free to beneficiaries who are at least two generations younger than them, such as grandchildren¹.




(1) 15 Types of Trusts: Pick the Right One for You | Legal Templates. https://legaltemplates.net/resources/estate-planning/types-of-trusts/.
(2) Types of Trusts: Choosing the Right One for You | U.S. Bank. https://www.usbank.com/wealth-management/financial-perspectives/trust-and-estate-planning/types-of-trusts-which-should-i-choose.html.
(3) Understanding the Main Types of Trusts | The Motley Fool. https://www.fool.com/retirement/2018/09/24/understanding-the-main-types-of-trusts.aspx.
(4) Trusts and taxes: Types of trust – GOV.UK. https://www.gov.uk/trusts-taxes/types-of-trust.
(5) Types of Trusts – The Balance. https://www.thebalancemoney.com/types-of-trusts-6374175.