Two Types of Trusts

  1. Testamentary Trusts - are trusts that are based on instructions in your will,; such trusts are not established until after the probate process. They do not address the management of your assets during your lifetime. They can, however, provide for young children and others who would need someone to manage their assets after your death.
  2. Irrevocable Trusts - are trusts that cannot be amended or revoked once they have been created. These are generally tax-sensitive documents. Some examples include irrevocable like insurances trusts, irrevocable trusts for children, and charitable trusts. A qualified estate planning lawyer can assist you with such documents.