Different types of trusts will accomplish different goals. But all trusts transfer assets to heirs and beneficiaries while minimizing or eliminating estate taxes. There are trusts specifically used by married couples, trusts that benefit certain types of people and even their pets, and trusts that benefit charities and nonprofit organizations.

THE COMMON TYPE OF TRUSTS ARE:

• A Living Trust is a written legal document through which your assets are placed into a trust for your benefit during your lifetime and then transferred to your designated beneficiaries at your death by your chosen representative, who is called as "successor trustee."
• A Testamentary Trust is a trust which arises upon the death of the testator, and which is specified in their will. A will may contain more than one testamentary trust, and may address all or any portion of the estate.
• A Revocable Trusts are created during the lifetime of the grantor (creator of the trust). They can be modified or revoked entirely at the instruction of the grantor. The grantor often serves as the initial trustee. They can transfer property into the trust and remove property from the trust during their lifetime. A revocable trust becomes an irrevocable trust upon the death of the grantor.
• An irrevocable trust can be created during the grantor's lifetime or after death. Once assets and property are transferred into an irrevocable trust, the grantor cannot take them out of the trust.