Frequently Asked Questions: Understanding Trusts

Lawyers.com
By Jeff Burtka
January 24th, 2025

Learn more about trusts, how they work, and whether you might need one.

A trust is a legal agreement that names someone to hold property for the benefit of others. The trustee is the person or company that manages trust property, and beneficiaries are the people who benefit from the trust. A living trust—the most common type of trust—is a trust created while the trust maker is alive. A living trust is revocable (meaning it can be revoked or amended) during the lifetime of the trust maker. Some people use a will in addition to a trust to distribute their property.

1. Is there an advantage to using a trust instead of a will?
2. What are the disadvantages of using a trust?
3. What’s the difference between a revocable trust and an irrevocable trust?
4. What is a living trust and how does it work?
5. What is an AB trust?
6. My father created an AB trust that allows his spouse to use the trust property until she dies. I am supposed to receive any remaining property. After my father’s death, can his spouse, who isn’t my mother, revoke the trust and disinherit me?
7. Is there any way to contest a trust?
8. Can a trust override a will?

Many attorneys recommend trusts to their clients, but not everyone needs a trust. Here are some frequently asked questions about trusts, as well as answers to help you decide if a trust might be useful in your situation.