Slate Law Offices
Central Wisconsin's Estate Planning Attorneys

Although there are many different types of trusts, the most often used are the Revocable Living Trusts, Irrevocable Trusts and Testamentary Trusts.  
Revocable Living Trusts

A trust, created by a person who retains control of the assets of the trust has the ability to change the terms of the trust and who the beneficiaries are.  

A revocable living trust, also called an inter-vivos trust or just a living trust, is used to avoid probate, death taxes and guardianship.  
Irrevocable Trusts

An irrevocable trust is set up by a person to protect assets from death taxes or a creditor, such as the nursing home. In an irrevocable trust, the person creating the trust gives up control of the trust and can never change the trust.   
Testamentary Trusts

A testamentary trust is created in a Last Will and Testament.  Testamentary trusts avoid death taxes, but do not avoid probate. Because they do not avoid probate, it is rare to see testamentary trusts.