10 Types of Trusts

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There are many different kind of trusts used for many different reasons. The following are 10 common types of trusts that individuals, couples, and families use to keep what they have "in the family" and protect the estate from outside sources:

1. Revocable Living Trust
2. Trust for Minors
3. Medicaid Trust
4. Special Needs Trust
5. Testamentary Trust
6. Spousal Trust
7. Irrevocable Life Insurance Trust
8. Charitable Trust
9. Asset Protection Trust
10. Crummey Trust

This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.

Paul Rabalais
Estate Planning Attorney

[Heatcicle]

I've been studying for my bar exam and even after all my classes, I still had NO idea what a trust is. Thank you for clarifying.

[mikegregory]

What a gem - thank you for taking the time to share your knowledge. Clearly, you enjoy helping people. Come back to Boston - we miss you.

[kathrynfong]

The most understandable explanation about the different types of trusts that exist! Thank you!

[patreaseashley]

Great info wish I would have had this information with parents

[IlonaJosiane]

I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!

[gregorydahlen]

First, let me say thank you Mr. Rabalais for your informative and helpful contributions to YouTube. Over the years, I have learned a bit about California Estate Law and Trusts while observing fall out from my parents Living Trust and becoming the co-Trustee and eventual executor of that Revocable Trust. No one that I know likes to think about their own death, or the likelihood that their long term marriage/partnership will end in their death and their surviving partner (now as sole Trustee) will take the entire estate into a new marriage/partnership and subsequently come under the influence of that partner... resulting in giving the entire estate to the partner and step-children. I have seen this with many of my friends. An Irrevocable trust may very likely have immediate tax consequences, but can eliminate this terrible pitfall.

[zoelewis]

We love you ❤ thank you so much for taking the time to spread helpful information !!! 🥹

[torycook]

So informative and well done. Thank you

[danbutler]

Thank you very much, your explanation on this video was refreshing I'm knowledgeable trusts, but I will say what you gave and what you explained was excellent. The presentation couldn't of been any better and I did subscribe. I look forward to more of your information I shared it with a few other people who might sure will probably subscribe.

To your success,

Dan

[alleycat]

Can u discuss a rev trust for a single person, no family and animal shelter as one beneficiary

[NadiraBag]

Thank yo for this video. Question : the trust grantor has to be deceased ? or the grantor, beneficiaries ...can benefet from the trust while they are alive ?

[justrama]

Thanks so much for this break down. Super helpful and easy to understand.

[thomasdipaolo]

Appreciate the info. In the process of considering a trust

[dbbxbb]

I have watched many videos from you, they are great! I'm in the process of setting up my estate plan, and my lawyer proposed to only setup a will, and inside the will, it creates the revocable trust. His argument is that you don't need a revocable trust till you die, and going through probate will shorten the creditor claim time from years to 4 months (WA law). I didn't find any info in your video recommending this approach. I'd love to hear your view on this. In addition, I watched the video on how to fund the revocable trust, but it would be great if you could share more about any pros/cons to put the assets in revocable trust, such as real estate, investment account, rental property under LLC. Thank you!

[jamesearly]

Thank you for providing a much more clear description of the types and general structures of forming a directed and purpose driven trust!

[monstermind]

wow never knew there were so many appreciate the info

[nompro]

Good Day to you, Your videos are amazing and filled with a plethora of information for us who know and understand less about trust and planning, so thank you, and Well Done indeed.
Curious to know though, do trust beneficiaries ever end up owing the (system) more than what their estate is worth? For example, trust assets are to be sold totaling 1, 000, 000.00. Can the successor trustee who is a lawyer, and the probate (will) lawyer (slow burn the process), drag, it out by amassing the legal costs to be more than the one million, thus cannibalizing the entire estate, for the will is a pour-over into the trust? TY very much for your interest?

[vb]

How about mentioning when "Transfer on Death" might be used for certain asset accounts instead of bothering with a trust.

[SantaBarbaraAlberto]

Excellent. First overview of trusts we have found. A few more to explain like the ince Trust and more.

[coreopolis]

Good Googley Moogley ! That was indeed a lot lol, but as usual it’s got the old brain reviewing and thinking if any of those could be good for us. Thanks, that wasn’t crummey at all 😆