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There are four main types of trust accounts that an individual can create: A revocable Living Trust: A revocable trust is very flexible and can be changed, altered, or even canceled depending on the wishes of the grantor (the creator of the trust). The only time a beneficiary will benefit from a revocable trust is when the grantor dies. Escrow Account: An escrow account is usually in relation to the buying and selling of homes and other property. An escrow trust account is when property funds that have been purchased are held by a third party until all conditions are met by both the buyer and the seller of the property. Child(ren) Trust Account: There are several types of trust funds, but people commonly know about trust funds because they relate “trust funds” to “rich kids.” However, it’s not just a “rich kid” thing. Any parent can benefit from setting up a trust fund for their child. A trust fund is created by the grantor (typically grandparents or parents). It is simply purchasing stocks, bonds, mutual funds, and life insurance policies that go to the child when they turn 18 (or the age that is set by the grantor). Supplemental Needs Trust: A supplemental needs trust (also known as special needs trust) is for disabled beneficiaries. The purpose of a supplemental needs trust is to help those with disabilities to benefit from income and government assistance programs.