Are there different types of trusts? - More than most people can imagine, but in general a trust is a trust is a trust.  It is the combination of property ("corpus") granted by the trustmaker to the care of a trustee for the benefit of beneficiaries that create a trust.  Everything else is a detail.  Different stripes on the same animal if you will.

A revocable trust can be revoked or amended at any time by the trustmaker.  It can be made irrevocable at the trustmaker's discretion or can have a provision which renders it irrevocable upon the occurrence of an event.

An irrevocable trust can neither be revoked or amended.  For most clients the loss of complete control renders this a disfavored approach, but often to achieve a desired tax outcome, an irrevocable trust is the only option.

Totten trusts are applicable in some states and have the same effect as Missouri "pay on death" directives utilized by banks, credit unions, as well as savings and loan institutions.

Charitable trusts are established for charitable purposes and receive generally favorable tax treatment by the IRS.

Spendthrift trusts are a special form of trust that prevents a beneficiary from pledging, promising or encumbering trust assets.  This provision is often used when establishing trusts for irresponsible and improvident beneficiaries.  Not all states recognize spendthrift provisions.

These are just a handful of trusts that a typical client is likely to encounter or need in their lifetime.

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