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A living trust can distribute assets to anyone who is named as a beneficiary when the grantor dies. Living trust beneficiaries can include family, friends, charities, alma maters, pets and others. By contrast, family trusts are designed to benefit only the family members of the grantor.

Two examples are grantor retained annuity trusts (GRATs) and qualified personal residence trusts (QPRTs). ?GRATs are a common way for people to minimize taxes on financial gifts to their beneficiaries,? says Mullen.

Common Types of Trusts Inter vivos trusts or living trusts: created and active during the lifetime of the grantor. Testamentary trusts: trusts formed after the death of the grantor. Revocable trusts: can be changed or revoked entirely by the grantor.

What Is a Pour-Over Will? A pour-over will is a legal document that ensures an individual's remaining assets will automatically transfer to a previously established trust upon their death.

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.

For example, I may recommend a certain moving company to a friend because I've used them before, and I might say to my friend that I trust them. On his end, he may think that I trust them to move his goods without damaging them, but on my end that trust might be that I trust them not to steal anything.

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.