There are two basic types of trusts: living and testamentary trusts.

A living trust is set up during a person’s lifetime, rather than one that is created at your death. Property you transfer into a living trust before your death doesn’t go through probate. The successor trustee simply transfers ownership to the beneficiaries you named in the trust.

Living trusts can be either revocable or irrevocable. Revocable trusts allow you to retain control of all the assets in the trust, and you are free to revoke or change the terms of the trust at any time. With irrevocable trusts, the assets in it are no longer yours, and typically you can’t make changes without the beneficiary’s consent.

While a living trust is set up while you’re alive, a testamentary trust is not created until after you die. It can be established in your will. Additionally, all testamentary trusts are irrevocable and can’t be changed, meaning since a testamentary trust was created after you die you can’t possibly have the ability to amend or revoke it.