What are the different types of trusts?

Trusts are legal documents that allow you to put assets into a trust for the purpose of providing for someone else, or for your own future benefit. In the state of Washington, there are four major types of trusts commonly used in elder law. The first is a Revocable Living Trust, which allows you to place assets in the trust while you are alive, and then decide what will happen to them upon your death. This type of trust also allows you to appoint someone to act as the trustee, and manage the assets for you. The second is an Irrevocable Trust, which is similar to a Revocable trust, except that once it is established, you cannot change it. This type of trust is mainly used for tax planning and asset protection. The third type is a Charitable Trust, which allows you to give assets to a charity of your choice, while also providing tax benefits. The charity will manage the assets in accordance to your instructions. Lastly, there is a Special Needs Trust, which is designed to provide for the needs of someone with a disability. This type of trust can be used to ensure that the recipients of the trust do not lose their eligibility for government benefits, while still providing for their needs. These are the four major types of trusts that are commonly used in the state of Washington for elder law purposes. Each trust has its own advantages and disadvantages, and it is important to discuss your options with an elder law attorney before making a decision.

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What are the different types of trusts?

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