Is there more than one kind of trust?

by Thomas D. Richards, Lawyer Referral Service Panelist

There are possibly 100 or more types of trusts and variations of them.  This blog and others in this series are primarily focused on Revocable Living Trusts, which allow you to avoid probate, and organize your estate assets into the gifting scheme that you want to be carried out for you after you pass away.  Some of the other types of trusts include irrevocable trusts called income trusts, annuity trusts, life insurance trusts, charitable trusts, and disabled child trusts.  These types of trusts are very specialized and are not for everyone.  Your financial advisor and attorney can determine which of these trusts would be most beneficial to you. Trusts are designed to help most people, but are not for everyone. Most people can benefit from a simple living trust.  The living trust is applicable to most people who have assets of more than approximately $50,000.  Most people with a job and a home would have assets valued at more than $50,000.

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