A "testamentary trust" is a Trust that is created in your Will.  No assets are owned by the Trust until after you die.  After you die, your bills are paid and the leftover assets are then transferred under the Trust.  The Trustee will then invest or distribute the assets based on the terms you have put in your Will.  A "living" or "intervivos" trust is a Trust that you set up while you are still alive.  With this type of Trust, you will typically transfer all of your assets to the ownership of the Trust at the time it is first set up.  Often with a Living Trust, you and/or your spouse will be the initial Trustees so that  you are still in control over your assets while you’re able to manage them.  It will also allow for a plan to place a loved one in charge of the Trust when you are no able to manage those, or after you have died.   A "revocable trust" is a Trust Agreement that you can change during your lifetime.  With this type of Trust, you can even "revoke" or get rid of it completely.  In contrast, an "irrevocable trust" is one that cannot be changed.  Once you place assets into an irrevocable trust, they have to stay there, and they can only be used, managed, sold, or distribute under the specific terms in the Trust Agreement. These are just a few of the main types of Trusts, but there are many others, including special needs trusts, credit shelter trusts, and asset protection trusts.  You should always talk with a lawyer BEFORE you create or put any assets into a trust, so that they can help you to know which type of Trust will be best for you and your needs.