Forming a Trust 101

End of Life Management Toolkit #7 | by Team Passare and Robert L. Shepard

3. Types of Trusts

Forming a trust can be complicated because trusts can be categorized in several different ways:

  • Living versus testamentary
  • Revocable versus irrevocable
  • Funded versus unfunded
  • Self-trusteed versus third-party trusteed

There are several types of trusts within each of these categories.

TIP: In many estate plans, a revocable, self-trusteed trust is a good option for most of your basic estate planning documents.

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