yer. A trust is a legal agreement with the grantor trustee, as well as the beneficiaries. Beneficiaries will be those who benefit from the trust. trust. Trusts form your guidelines. If you fail to create your rules manual for a trust, you will have adhere to the rules of your state. There are two primary types of trusts. Trusts for testamentary purposes can be established through wills. The trust is not created during your lifetime. The trust doesn’t come into existence until you die. If you are alive and then you become sick it isn’t possible for the testamentary trust to allow someone to take control over your assets at this period. Living trusts are the other kind. Trusts are those that are in existence even if you’re not alive. The living trust allows someone to take control of the assets you have before dissolution or trust. If you properly fund it the trust is subject to approval for probate. You can make living trusts irrevocable or revokable. They are different strategies and have different rules. People create irrevocably trusts to prevent probate. Watch this video to get further information regarding trusts. 17ojxujifm.