Choose a structure, understand the paperwork, learn how common trusts work, and match your funding search to the way your organization actually operates.
A trust is a legal arrangement: a grantor puts property under a trustee’s control for beneficiaries. These categories can overlap—a living trust may be revocable or irrevocable—so start with the goal, not only the name.
01GrantorCreates and funds the trust
02TrusteeManages property under its rules
03BeneficiaryReceives money, property, or support
01
Revocable living trust
What it is for
Manage property during your lifetime and pass it to named beneficiaries without putting those assets through probate.
What you do
Create and sign the trust, name a successor trustee, and retitle the intended property into the trust. Keep beneficiary choices and the asset list current.
02
Irrevocable trust
What it is for
Transfer property under terms that are generally difficult to change, often for estate, tax, benefit-planning, or asset-protection goals.
What you do
Work with an estate-planning attorney to choose a trustee, define distribution rules, transfer specific property, and understand any gift-tax reporting.
03
Testamentary trust
What it is for
Hold and manage an inheritance after death, often for children or other beneficiaries who should not receive everything at once.
What you do
Put the trust instructions in a valid will, name a trustee, choose when and why money may be distributed, and keep the will updated.
04
Special needs trust
What it is for
Support a person with a disability while helping preserve eligibility for means-tested public benefits.
What you do
Use a qualified attorney to select the correct first-party or third-party structure, appoint a capable trustee, and coordinate distributions with benefit rules.
05
Spendthrift trust
What it is for
Let a trustee control distributions when a beneficiary may need protection from overspending or certain creditor claims.
What you do
Set clear distribution standards and choose an independent trustee who can apply them consistently and keep records.
06
Charitable remainder trust
What it is for
Provide income to you or another noncharitable beneficiary for a period, with the remainder going to charity.
What you do
Choose a qualified charity and trustee, contribute appropriate property, select a payout method, and obtain tax and valuation advice before funding.
07
Charitable lead trust
What it is for
Pay a charity for a set period, then transfer the remaining property to family members or other beneficiaries.
What you do
Set the charitable payment and term with legal and tax counsel, name the later beneficiaries, fund the trust, and complete required tax reporting.
08
Life insurance trust (ILIT)
What it is for
Own a life insurance policy and manage the death benefit for beneficiaries, sometimes keeping proceeds outside the insured person’s taxable estate.
What you do
Create the trust before the intended policy transfer or purchase, name a trustee, follow premium-notice procedures, and keep trust and policy records.
09
Generation-skipping trust
What it is for
Preserve and distribute property for grandchildren or later generations under long-term rules.
What you do
Define each generation’s access, appoint trustees, allocate any generation-skipping transfer tax exemption correctly, and maintain tax records.
10
Asset-protection trust
What it is for
Place property under specialized restrictions intended to limit some future creditor claims.
What you do
Use counsel in a state that permits the chosen structure, transfer property before any claim arises, follow trustee rules, and document legitimate planning purposes.
11
Pet trust
What it is for
Set aside money and instructions for an animal’s care if the owner dies or becomes unable to provide it.
What you do
Name a caregiver and trustee, describe care standards, fund a realistic budget, identify the animals covered, and say where unused funds go.
12
Land or title-holding trust
What it is for
Hold title to real estate for privacy, management, or coordinated ownership, where state law recognizes the arrangement.
What you do
Confirm local law and lender requirements, sign a trust agreement, transfer the deed correctly, insure the property, and document who controls decisions.
OFFICIAL STARTING POINTS
Verify before you file or pay.
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Educational guidance, not legal, tax, or financial advice. Requirements depend on location, industry, ownership, and activities. Funding is competitive and never guaranteed.