• Living trusts. Living trusts, also called family trusts, are created during your lifetime and can help your heirs avoid or minimize taxes, avoid probate, specify how your children are provided for in the event of disaster, and preserve financial privacy. 
  
  Revocable trusts. Such trusts may be revoked/changed while you (the trustor) are alive. The trust is part of your estate and may be taxed, but after death the trust cannot be changed and the trust’s property is passed on to your heirs.
• Irrevocable trusts. This type of trust generally may not be changed or revoked once created. Irrevocable trusts offer tax advantages that revocable trusts do not. However, they must be carefully crafted to avoid unintended circumstances.
• Testamentary trusts. A testamentary trust is created by your will and goes into effect at the time of your death. This type of trust generally addresses accumulated assets during your lifetime and/or assets generated by your death such as wrongful death settlements.
• Special needs trusts. This trust is sometimes called a supplemental needs trust and is generally created to provide for your special needs child upon your death. A named trustee manages the financial affairs of your disabled child and provides for the child’s needs without disqualifying him or her from government benefits, such as Social Security and Medicaid. Experienced probate attorneys in Torrance can advise you on how to structure such a trust.
• Generation-skipping trusts. Such trusts may qualify your beneficiaries for a generation-skipping transfer tax exemption.
• Specialized trusts. Additionally, other trusts exist to accomplish specific objectives, including:

-Life insurance trusts

-Charitable trusts

-Qualified personal residence trusts

-Married trusts