There are a wide variety of legal documents that are referred to as a “Trust,” so in order to determine how a Trust works you must first define what type of Trust you are looking at. In this Blog, a Trust refers to a Living Trust also known as a Revocable Trust, Intervivos Trust or a Revocable Living Trust. There are many other different types of Trusts out there such as Irrevocable Trusts, Charitable Trusts, ILITs, QTIPs, and the list goes on. For the average person living in the middle class, a Revocable Trust is perfect for estate planning purposes.
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