A trust is a written legal document. There are several types of trusts, but the most commonly referred to is a living trust. A living trust partially substitutes for a will; with a living trust, your assets (like your home, savings and other things you own) are transferred to your beneficiaries when you die.

Other types of trusts include:

  • Charitable
  • Irrevocable
  • Revocable
  • Special-needs
  • Spendthrift
  • Tax bypass