Qualified Terminable Interest Property Trust : This trust allows a person to direct assets to specific beneficiaries — their survivors — at different times. Separate Share Trust : This trust lets a parent establish a trust with different features for each beneficiary i.
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A Spendthrift Trust: This trust protects the assets a person places in the trust from being claimed by creditors. This trust also allows for management of the assets by an independent trustee and forbids the beneficiary from selling his interest in the trust. Charitable Trust: This trust benefits a particular charity or non-profit organization. Normally, a charitable trust is established as part of an estate plan and helps lower or avoid estate and gift taxes. A charitable remainder trust , funded during a person's lifetime, disperses income to the designated beneficiaries like children or a spouse for a specified period of time, and then donates the remaining assets to the charity.
Special Needs Trust : This trust is meant for a dependent who receives government benefits, such as Social Security disability benefits. Setting up the trust enables the disabled person to receive income without affecting or forfeiting the government payments. Blind Trust : This trust provides for the trustees to handle the assets of the trust without the knowledge of the beneficiaries. This could be useful if the beneficiary needs to avoid conflicts of interest. Totten Trust: Also known as a payable-on-death account, this trust is created during the lifetime of the trustor, who also acts as the trustee.
It's generally used for bank accounts physical property cannot be put into it. Except, perhaps, for the Totten trust, trusts are complex vehicles. Setting a trust up properly typically requires expert advice from a trust attorney or a trust company , which sets up trust funds as part of a wide range of estate- and asset-management services.
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Login Newsletters. What is a Trust? Living or Testamentary. Revocable or Irrevocable. Funded or Unfunded.
Key Takeaways A trust is a fiduciary relationship in which a trustor gives another party, known as the trustee, the right to hold title to property or assets for the benefit of a third party. While they are generally associated with the idle rich, trusts are highly versatile instruments which can be used for a wide variety of purposes to achieve specific goals. Each trust falls into six broad categories - living or testamentary, funded or unfunded, revocable or irrevocable.
Below is a list of some of the more common types of trust funds:. Compare Investment Accounts. Bonds Investing in bonds. Bond investing risks. Mutual funds Investing in mutual funds. How to pick mutual funds. Asset allocation Asset allocation. Hiring financial help Hiring financial help. How to hire a financial planner. Buying a home Buying a home. Selling a home Selling a home. Home insurance Homeowners insurance policies. Picking a home insurance company. Filing a home insurance claim. Kids and money Teaching kids financial responsibility. Teaching kids about credit. Teaching kids about investing.
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Trust | Definition of Trust by Merriam-Webster
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