There are two main types of trust that an individual may choose from when creating an estate plan. The first type of trust is referred to as a living trust, and its terms may take effect while a person is still alive. Alternatively, a testamentary trust may be established, which is part of a will and takes effect after an individual passes on.
A trust may be either a revocable trust or an irrevocable trust. Revocable trusts can be changed at any time, and the person who creates the trust can change its terms….