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Trust Comparison Tool

Our Trust Comparison Tool helps you understand the differences between various types of trusts. Compare key features such as control, tax benefits, asset protection, and complexity to determine which trust type best suits your estate planning needs.

Select up to three trust types below to see a detailed side-by-side comparison of their features and benefits.

Select Trusts to Compare (Max 3)

Revocable Living Trust

A flexible trust that can be modified or terminated by the grantor during their lifetime.

Irrevocable Trust

A permanent trust that generally cannot be modified or terminated once established.

Charitable Trust

A trust established to benefit a charitable organization or cause.

Special Needs Trust

A trust designed to benefit a person with disabilities while preserving their eligibility for govern...

Generation-Skipping Trust

A trust that transfers assets to grandchildren or later generations, bypassing children.

Qualified Personal Residence Trust (QPRT)

A trust specifically designed to remove the value of your home from your estate.

Spendthrift Trust

A trust that protects assets from beneficiaries who may mismanage money and their creditors.

Trust Comparison

FeaturesRevocable Living TrustIrrevocable Trust
Description▶A flexible trust that can be modified or terminated by the grantor during their lifetime.A permanent trust that generally cannot be modified or terminated once established.
Control▶Full control by the grantor while living.Limited or no control by the grantor after creation.
Tax Benefits▶No immediate tax benefits. Assets still considered part of your estate for tax purposes.Potential estate tax benefits as assets are removed from your estate.
Asset Protection▶Limited protection. Assets are still vulnerable to creditors.Strong protection from creditors and legal judgments.
Probate Avoidance▶Yes, assets in the trust avoid probate.Yes, assets in the trust avoid probate.
Flexibility▶High flexibility. Can be changed or revoked at any time.Low flexibility. Difficult or impossible to change once established.
Complexity▶Moderate complexity and cost to establish.High complexity and cost to establish.
Best For▶Those who want to avoid probate while maintaining control of their assets during their lifetime.Those seeking asset protection, tax benefits, and who are comfortable relinquishing control.
Key Considerations▶Becomes irrevocable upon death of the grantor. Does not provide asset protection or tax benefits during life.Loss of control over assets. Complex to establish and administer.

Understanding Trusts

A trust is a legal arrangement where one party (the trustor) gives another party (the trustee) the right to hold and manage assets for the benefit of a third party (the beneficiary). Different types of trusts serve different purposes, from avoiding probate to minimizing taxes or protecting assets.

When selecting a trust, consider your specific goals, such as:

  • Maintaining control of your assets during your lifetime
  • Providing for loved ones with special needs
  • Minimizing estate taxes
  • Protecting assets from creditors
  • Supporting charitable causes
  • Avoiding the probate process

Important: Trust planning is complex and should be done with the guidance of qualified legal and financial professionals. This tool provides general information only and is not legal advice.

About Trust Planning

Trusts are powerful estate planning tools that can help protect your assets, provide for your loved ones, minimize taxes, and avoid probate. The right trust structure depends on your specific goals, family situation, and financial circumstances.

While this tool provides a general comparison of different trust types, it's important to consult with qualified legal and financial professionals before establishing any trust. Estate planning laws vary by state and change over time, and the optimal trust structure for your situation will depend on many factors specific to your circumstances.

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