Trust is a very common high-end financial management behavior, especially offshore trusts, which can bring huge benefits and tax convenience to the settlor and trust beneficiaries. Today, let’s talk about three common American trusts types.
Revocable Trust
The most common type of revocable trust is a living trust, which is characterized by the fact that the settlor will place the property in the trust, but the settlor has full control and control. At the same time, the main advantage of the living trust is that the property that has been put into the trust can be directly passed on to the designated beneficiary without being certified by the court after the death of the settlor, which can avoid the time-consuming process of testamentary inheritance and the court certification process. and fees, and its inherited content can not be made public, protecting personal privacy.
Testamentary Trust
The posthumous trust is opposed to the living trust, also known as the testamentary trust. Manage and invest the property in the trust or let the beneficiary inherit it, and the trust has the immutable character of the trust.
Irrevocable Trust
Once such a trust is established, it cannot be changed. When the settlor establishes the trust, the ownership has been relinquished, and the settlor cannot modify or cancel the trust without the consent of the beneficiaries. The establishment of such a trust will provide greater convenience in terms of property enjoyment and taxation.
That’s all for the “Three Common Types of U.S. Trusts.
