TYPES OF TRUSTS
(BASIC OVERVIEW)
Ini Olu
Last Update 4 maanden geleden
Revocable Living Trust
Irrevocable Trust
Land Trust
Often used to:
Privacy does NOT equal protection.
- Created during lifetime
- Can be changed or revoked
- Often used for estate planning
- Does NOT provide strong asset protection from the grantor’s creditors
Irrevocable Trust
- Cannot easily be changed
- Assets are legally removed from the grantor’s ownership
- May provide asset protection depending on structure and jurisdiction
Land Trust
Often used to:
- Hold real estate
- Maintain privacy in property records
Privacy does NOT equal protection.