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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.

An irrevocable trust offers your assets the most protection from creditors and lawsuits. Assets in an irrevocable trust aren't considered personal property. This means they're not included when the IRS values your estate to determine if taxes are owed.

With that said, revocable trusts, irrevocable trusts, and asset protection trusts are among some of the most common types to consider. Not only that, but these trusts offer long-term benefits that can strengthen your estate plan and successfully protect your assets.

To make a living trust in Vermont, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries?that is, who will get the trust property. Create the trust document.

A Vermont living trust holds ownership of your assets during your life while you continue to use and control them. Assets are then passed to beneficiaries after your death. A revocable living trust (sometimes called an inter vivos trust) can offer a variety of benefits.

There are two types of trusts under the jurisdiction of the probate division of the Vermont Superior Court: testamentary and nontestamentary. The probate process is a safety measure for the distribution of property when someone dies.