Prof. Peter Tiersma

TYPES OF EXPRESS TRUSTS:

I.    In terms of creation:
    a.    testamentary (created by will; goes into effect at settlor’s death)
    b.    living (inter vivos; goes into effect during life of settlor)
        1.    created by declaration (settlor makes self trustee)
        2.    created by deed/transfer into trust (settlor is not trustee)
  
II.    In terms of discretion of trustee over distribution of income and principal:
    a.    mandatory (also includes unitrusts)
    b.    discretionary (also includes support trusts)
    c.     hybrid (spray or sprinkle trusts)
[in addition, these trusts may have a disabling restraint, so they can also be called “spendthrift” trusts]

III.    In terms of purpose:
    a.    private (also called noncharitable or benevolent trusts)
    b.    charitable

IV.    In terms of funding:
    a.    independently funded (by putting property into trust, or via will)
    b.    funded via pourover clause in a will (“pourover trusts”)

TRUSTS IMPOSED BY LAW:
    a.    resulting trusts (including purchase money resulting trusts)
    b.    constructive trusts

THINGS THAT LOOK LIKE TRUSTS, OR ARE CALLED TRUSTS, BUT ARE NOT:
    a.    honorary trusts
    b.    secret or semisecret trusts
    c.    equitable charges