Types of trusts
Source: Money Sense
https://www.moneysense.gov.sg/articl...hat-is-a-trust
Setting up a trust during your lifetime
A living trust is set up during a settlor's lifetime, where the assets are transferred to the trust. Examples are inter vivos, discretionary or revocable trusts. It is done by executing a trust deed together with the transfer of assets to the trustee.
The settlor can revoke or terminate the trust at any time.
Testamentary trust
A testamentary trust is made using a Will and takes effect after the settlor's death. This is useful where you have:
Young children
Dependants with special needs
Beneficiaries who may inherit a large sum of money but are unable to manage it
Once this trust is in place, it is irrevocable.