What type of trusts are available?
Nutley, New Jersey estate planning and probate attorney, Brad Micklin, talks about the trusts available.
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There are many different types of trust available to most people, there are actually countless types of trusts, but essentially, there’s really two main groupings of trust. They break down to revocable and irrevocable. And the distinction really depends on or turns on whether or not the person who’s giving the assets to the trust, commonly called the grantor, has the ability to either take them back or to have some kind of control over them in the future. So in the revocable, you do and in the irrevocable, you do not. All other trusts or all named trusts will fall into one of those two categories.