Types of Trusts


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What type of trust is commonplace for a will?

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1. What are irrevocable trusts?

2. The type of trust that permits an individual to avoid tax penalties when leaving assets and properties to a living spouse is known as what?

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About This Quiz & Worksheet

What are the types of trusts and when is each best used? See what you know about trusts and their attributes by using the worksheet and quiz.

Quiz & Worksheet Goals

Utilize these resources to figure out how much you know about:

  • Name for the person who is appointed to take care of all issues dealing with an estate
  • A type of trust where an individual can avoid tax penalties when leaving assets and properties to a living spouse
  • The type of trust that a person should use if he or she wants to make sure their minor children receive money from an estate trust without being taxed
  • A trust that is commonplace for a will
  • What irrevocable trusts are

Skills Practiced

  • Information recall - access the knowledge you have gained about the meaning of irrevocable trust
  • Making connections - use understanding of the concept of a trust and its purpose
  • Knowledge application - use your knowledge to answer questions about the different types of trusts

Additional Learning

Work through the lesson titled Types of Trusts to learn more about these trusts. Goals you can quickly complete using this lesson include:

  • Understand why trusts exist
  • Compare the advantages and disadvantages of different forms of trusts
  • Review examples of trusts