Trust is a legal entity in which you can place certain assets to accomplish specific goals. There are many different types of trusts, each used for different purpose. The following are some of the most common types of trusts Revocable Trust This is a trust that you can make changes to at any time, or even be revoked the trust entirely. It is used for testamentary planning to avoid or ease the process of probate.Irrevocable Trust Most often used for lifetime planning, involving gifting, business planning and succession, wealth succession, pre-marital planning, asset protection and planning for lifetime events (such as childrens marriages, new grandchildren, new business ventures, loss of job or medical insurance, retirement.