REVOCABLE TRUSTS are those trusts that the creator chooses to end at any time.
IRREVOCABLE TRUSTS may not be terminated by the Settlor. To have favorable tax consequences, a trust must be irrevocable.
INTER VIVOS TRUSTS are trusts that are established during the lifetime of the Settlor.
TESTAMENTARY TRUSTS are trusts that are created by someone’s will to take effect when that person dies.