Understand different types of trusts.

Their are many different types but I'll tell you the main two. A revocable trust can be changed or cancelled at any time by the creator (grantor), who often acts as the trustee. And then An irrevocable trust cannot be modified or revoked by the grantor without the permission of its beneficiaries. Once an irrevocable trust is established, the grantor relinquishes ownership and control of the assets listed in the trust, which are then transferred out of their personal estate.