The most common types of trusts used in estate planning are revocable living trusts, irrevocable trusts, and asset protection trusts.

A revocable living trust is a trust that can be amended or revoked during the lifetime of the grantor who created it. It allows the grantor to retain control over their assets while alive and provides for the transfer of those assets to named beneficiaries after death, avoiding probate.

An irrevocable trust is a trust that cannot be changed or revoked after it is created. This type of trust is commonly used for tax planning, asset protection, and managing assets for individuals with special needs. Assets transferred to an irrevocable trust are typically removed from the grantor’s estate for tax purposes.

An asset protection trust is designed to protect assets from potential creditors and lawsuits. This type of trust is irrevocable and typically requires the appointment of an independent trustee to manage the trust and its assets.