What are the different types of trusts?
An example of an AI chatbot conversation about various types of trusts and their purposes.
What are the different types of trusts?
There are several types of trusts, including revocable trusts, irrevocable trusts, and special needs trusts. Would you like to know more about a specific type?
Can you explain revocable trusts?
Sure! A revocable trust allows the grantor to retain control over the assets and make changes or revoke the trust at any time during their lifetime.
What about irrevocable trusts?
Irrevocable trusts cannot be changed or revoked once established. They are often used for tax benefits and asset protection.
What is a special needs trust?
A special needs trust is designed to provide for a disabled beneficiary without affecting their eligibility for government benefits.
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