Forming a trust can be complicated because trusts can be categorized in several different ways:
- Living versus testamentary
- Revocable versus irrevocable
- Funded versus unfunded
- Self-trusteed versus third-party trusteed
There are several types of trusts within each of these categories.
TIP: In many estate plans, a revocable, self-trusteed trust is a good option for most of your basic estate planning documents.