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Types of Trust Agreements

A trust agreement is a written document that creates a legal entity called a trust. A trust holds property under the terms and conditions specified in the document. There are several different types of trusts that can be used for different reasons, including privacy, tax savings, protection from creditors, probate avoidance or protection of minor or disabled beneficiaries.

  1. Revocable Living Trusts

    • A grantor creates a revocable living trust during his life to hold his own property. He may revoke the trust at any time, but if he does not, it will become irrevocable on his death and avoid probate for all trust property.

    Irrevocable Trusts

    • Irrevocable trusts may be used for tax avoidance because the grantor fully gives up ownership and control of the trust property.

    QTip Trust

    • A QTip trust takes advantage of the marital deduction in the federal tax code to help a decedent's estate provide for a surviving spouse while saving estate taxes.

    Special Needs Trust

    • A special needs trust helps parents take care of their disabled children without disqualifying them for federal benefits.

    Privacy Trusts

    • Privacy trusts allow a property owner to avoid placing information about his ownership in the public records.

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