Trusts can come in a variety of forms, a few examples of types of trusts that can be created are:
Testamentary Trusts – this is a type of trust that is created under your Will. Most Testamentary Trusts are often used in Wills to provide for the management of assets for minors if they become entitled to receive assets under your Will. Since a Testamentary Trust is created under ones Will, it does not come into effect until after you have passed away.
Supplemental Needs Trusts – commonly referred to as a Special Needs Trust or SNT, is a trust that can be created to protect the beneficiary from being disqualified from receiving means-based governmental assistance. If you are considering leaving a gift or bequest to an individual who receives means-based governmental assistance, you should consult an attorney to discuss whether a Supplemental Needs Trusts should be prepared.
Inter Vivos Trusts – more commonly known as a “living” trust, is a trust established during the lifetime of the grantor. You can have either a revocable or irrevocable trust. If revocable, then the grantor retains the right to terminate the trust or revoke it. If irrevocable, the grantor has expressly renounced his or her right to revoke the trust.