There are two basic types of trusts: living trusts and testamentary trusts. A living trust or an "inter-vivos" trust is set up during the person's lifetime. A Testamentary trust is set up in a ...

One of the most effective ways to protect HNW estates is through the use of different types of trusts, which are legal entities that hold assets for the benefit of designated beneficiaries.

Most people set up both revocable and irrevocable trusts so that they can get the unique advantages of both types of trusts. Everyone who forms an irrevocable trust should also form a revocable trust.

Once the beneficiary is deemed capable of managing their assets, they will receive possession of the assets held in trust. Although there are many different types of trusts, each fits into one or ...