Trusts serve various purposes, from tax planning to protecting your assets from probate. There are several types of trusts, each serving different purposes. Common types include revocable trusts, which can be altered during your lifetime; irrevocable trusts, which cannot be changed once they are executed; special needs trusts for beneficiaries with disabilities; and charitable trusts for philanthropic purposes. Choosing the right type depends on your personal circumstances, asset protection goals, and tax planning needs.
