Common Trusts Summary Guide (2026)

2026 · COMMON TRUSTS
TRUST FORMATIONTRUST MODIFICATIONSREVOCABLELIVING TRUSTMARITAL TRUST(”A” TRUST)BYPASS TRUST(”B” TRUST)SPOUSAL LIFETIMEACCESS TRUST (SLAT)QUALIFIED TERMINABLEINTEREST PROPERTYTRUST (QTIP)LivingLiving or TestamentaryLiving or TestamentaryLivingIrrevocableGrantorLiving or TestamentaryRevocableIrrevocableIrrevocableGrantorGrantor, Non-Grantor (Simple),or Non-Grantor (Complex)Non-Grantor (Complex)This trust is primarily used fortaking advantage of theunlimited marital deduction and allowing assets to pass to a surviving spouse without triggering any immediate estate tax issues.This trust is primarily used forremoving assets from the firstspouse's estate (i.e., using up their own exemption amount) to ensure that they are notincluded in the taxable estate of the second spouse.This trust is primarily used forremoving assets from onespouse's estate (for avoidance of estate taxes) while still giving their beneficiary spouse access to the trust for financial support while they are still alive.This trust is primarily used in blended families (e.g., multiple children, 2nd marriages, etc.) to ensure the grantor can still financially support their spouse without disrupting their ultimate plans for passing on the assets.DESCRIPTIONTRUST TAXATIONIrrevocableGrantor or Non-Grantor(Simple)This trust is primarily used for avoiding probate and keeping one's financial affairs private.TRUST FORMATIONTRUST MODIFICATIONSGRANTOR RETAINED TRUST(GRT - GRAT OR GRUT)INTENTIONALLY DEFECTIVEGRANTOR TRUST (IDGT)IRREVOCABLE LIFEINSURANCE TRUST (ILIT)SPECIAL NEEDSTRUST (SNT)QUALIFIED DOMESTICTRUST (QDOT)LivingLivingLivingLiving or TestamentaryRevocable or IrrevocableGrantor or Non-Grantor(Complex)Living or TestamentaryIrrevocableIrrevocableIrrevocableGrantorGrantorGrantor or Non-Grantor(Complex)This trust is primarily used for removing assets from the grantor's estate (for avoidance of estate taxes) while still allowing the trust to retain income (no distributions required) and allowing the grantor to pay the taxes at their own tax rates.This trust is primarily used for removing a life insurance death benefit from the grantor's estate for purposes of avoiding estate taxes and providing immediate liquidity to the beneficiaries.This trust is primarily used for holding and managing assets for a beneficiary with disabilities in a way that preserves eligibility for means-tested public benefits (like SSI and Medicaid) while still allowing trust funds to supplement the beneficiary’s quality of life.This trust is primarily used for taking advantage of the unlimited marital deduction and allowing assets to pass to a non-US citizen surviving spouse without triggering any immediate estate tax issues.DESCRIPTIONTRUST TAXATIONIrrevocableNon-Grantor(Simple)This trust is primarily used for removing assets from the grantor's estate (for avoidance of estate taxes) while still providing an income stream to the grantor while they are still alive.
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2026 · COMMON TRUSTS
LIVING TRUSTTESTAMENTARY TRUSTTRUST FORMATIONWHEN IS THIS TYPE OF TRUST CREATED?This trust is created upon one's death via their will.This trust is created by the grantor while alive.IS THIS TYPE OF TRUST SUBJECT TO PROBATE?YesNoDOES THIS TYPE OF TRUST NEED TO BE FUNDED ANDMAINTAINED (WHILE ALIVE) IN ORDER TO ACHIEVE ITSDESIRED RESULTS/OUTCOMES?NoYesREVOCABLE TRUSTIRREVOCABLE TRUSTTRUST MODIFICATIONCAN THIS TYPE OF TRUST BE MODIFIED OR REVOKED?NoYesIS THIS TYPE OF TRUST INCLUDED IN ONE’S TAXABLEESTATE UPON DEATH?NoYesNON-GRANTOR TRUST (SIMPLE)NON-GRANTOR TRUST (COMPLEX)TRUST TAXATIONDOES THE GRANTOR RETAIN CONTROL OVERTHE TRUST’S INCOME AND ASSETS?YesARE DISTRIBUTIONS OF PRINCIPAL CAPITAL ALLOWED?YesNoYesNoHOW MUST ANY TAXABLE INCOME GENERATEDBY THIS TYPE OF TRUST BE HANDLED?Any income generated is reported on the grantor's tax return, and is taxed at their personal tax rates.100% of the income generated must be distributed to the beneficiaries, and is taxed at their personal tax rates.Any income distributed to beneficiaries is taxed at their personal tax rates. Any income retained by the trust is taxed at the trust tax rates.GRANTOR TRUSTCAN THE TRUST MAKE CHARITABLE CONTRIBUTIONS?YesNoYesIS A SEPARATE TAX ID/TAX RETURN REQUIRED?NoYesYes
© fpPathfinder.com. Licensed for the sole use of Ryan Weiser, CFP® of Weiser Financial Planning. All rights reserved. Used with permission. Updated 01/22/2026.
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