Trust Library
Types of trusts
Legal structure
Revocable Living Trust
A trust created during life that the grantor can generally amend or revoke.
Legal structure
Irrevocable Trust
A trust that generally cannot be changed or revoked by the grantor once established.
Legal structure
Testamentary Trust
A trust created by a will that takes effect after death.
Descriptive label
Family Trust
A descriptive term for a trust benefiting family members; not a distinct legal form.
Legal structure
Business Trust
A trust arrangement used to own or operate business property, depending on state law.
Descriptive label
Investment Trust
A trust holding investment assets; distinct from regulated investment products.
Legal structure
Charitable Trust
A trust benefiting charitable purposes, such as CRTs and CLTs.
Legal structure
Special Needs Trust
A trust supporting a person with disabilities while considering public benefits eligibility.
Descriptive label
Spendthrift Trust
A trust with a provision restricting a beneficiary's ability to transfer their interest.
Legal structure
Asset Protection Trust
A self-settled trust permitted in some states; protection is limited and not guaranteed.
Legal structure
Dynasty Trust
A long-term trust designed to last for multiple generations where state law allows.
Tax classification
Grantor Trust
A federal income tax classification, not a type of trust document.
Tax classification
Non-Grantor Trust
A trust treated as its own taxpayer for federal income tax purposes.
Legal structure
Land Trust
A trust holding title to real estate, recognized by statute in some states.
Investment vehicle
Real Estate Investment Trust (REIT)
A regulated investment vehicle owning income-producing real estate; not a personal trust.
Legal structure
Delaware Statutory Trust (DST)
A statutory entity under Delaware law, often used in real estate and 1031 transactions.
Legal structure
Irrevocable Life Insurance Trust (ILIT)
An irrevocable trust that owns life insurance policies.
Descriptive label
Educational Trust
A trust dedicated to funding education expenses.
Legal structure
Qualified Personal Residence Trust (QPRT)
An irrevocable trust holding a residence for a term of years.
Legal structure
Voting Trust
An arrangement consolidating shareholder voting rights in a trustee.
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