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There are different types of Trusts as follows:
Testamentary Trust. A Testamentary Trust is a Trust created in your Will and does not become effective until your Will has been admitted to probate, at which time the Trust will be established and once property is placed in the Trust, the Trustee will administer the property as set forth in your Will.
Living Trust. A Living Trust can be either revocable or irrevocable. A Revocable Trust can be changed or terminated by you at any time prior to your death or incapacity. An Irrevocable Trust is as its name implies in that it generally may not be revoked or amended by the individual establishing the Trust. Most Living Trusts used in an individual's estate planning documents are revocable, permitting them to make changes to the Trust as they desire.
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Types of Trusts 