There are many different trusts, but all trusts fall into two categories: revocable and irrevocable.
A revocable trust is an agreement that can be amended over time by the person who initiated the trust or the grantor. During the grantor's lifetime, they can change instructions, remove assets, and terminate the agreement.
Irrevocable trusts cannot be altered or terminated once they are created. When a grantor creates an irrevocable trust, they give up ownership of the assets placed in the trust. An irrevocable trust can offer tax advantages since the assets in the trust are a separate entity.