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Basic trust types: The four main types of trusts are living trusts, testamentary trusts, revocable trusts, and irrevocable trusts. Living trusts are created while the trustor is alive, while testamentary trusts are set up after death ing to the trustor's will.

The three most common types of trusts are: living, revocable, and irrevocable. A living trust is one that's created while you're still alive and can be revocable or irrevocable. A revocable living trust can be changed while you're still alive. An irrevocable living trust can't be changed after it's created.

A simple example would be the situation in which one member of a family advances money to another and asks the second member to hold the money or to invest it for him. A more complicated example of an implied trust would be the situation in which one party provides money to another for the purchase of property.

Creating a living trust in California is not terribly difficult, but it takes some planning. You might find it helpful to work with a financial advisor or another professional when drafting up your living trust. However, you can also download the forms online and then take them to a notary public yourself.

Anyone can hold a trust, provided that they are over the age of 18. There are multiple types of trust, each applicable to certain scenarios. All trusts must be set up with a trustor (the person setting up the trust), trustee (the person responsible for the trust), and a beneficiary (the person benefiting from a trust).

What is included within a Declaration of Trust Property? Confirm the intention between the parties to create a trust. Detail what is being held on trust (this is normally the property address) Who has the beneficial interest (if held absolutely then the beneficial interest split isn't stated)