What Are The Different Types Of Trusts?
There are many types of trusts, each suitable for a different purpose. Some of the most commonly used trusts are the supplemental needs trust, irrevocable life insurance trust, credit shelter or bypass trust, qualified personal residence trust, charitable remainder or annuity trust and spendthrift trust. Certain of these trusts are created during life and stand alone. Others are testamentary trusts and are created within a Will. Testamentary trusts don’t take effect until death. Trusts can be complicated and must be tailored for each individual situation. A consultation with a knowledgeable attorney will help you to explore your options.