Many different types of trusts exist. Some are business-related, and some are personal trusts.
One focus of this website is the subject of personal trusts. Business trusts, used in the business world, for example, is not today's topic.
A 'Trust' is a relationship, not an entity
A trust describes a legal relationship between a trustee and one or more beneficiaries. Some people think that it's a legal entity - like a corporation or a partnership.
Instead, legal scholarship tells us it is a relationship and not an entity.
The trustee owes a duty to the beneficiary to follow the terms of the trust. (The written trust document is usually the controlling terms - although an oral trust can also be valid.)
Types of trusts
Trusts contain many terms. It is common for a well-written trust to be many pages long. Even with unnecessary words omitted, it is likely over 20 pages.
One of those terms will be to state if the trust may be changed or not. The words used are revocable or irrevocable.
But remember that within these two categories, many variations exist. Apart from the terms revocable vs. irrevocable, the additional clauses in a trust determine how it is taxed and used.
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