Hi, Can someone please clarify the trust setup? They say I will need to set up a direct trust or a private express trust but they are essentially just a “living trust”. I work for a financial firm and I can set up a “living trust” but not specifically a “direct trust or a private express trust” – DOES THIS MATTER?

Other names or terms related to “direct trust” or “private express trust” include:

1. Express Trust: Emphasizes the explicit declaration by the settlor, often in writing.

2. Voluntary Trust: Highlights the settlor’s voluntary action in creating the trust.

3. Declared Trust: Refers to the formal declaration by the settlor to establish the trust.

4. Intentional Trust: Stresses the deliberate intent of the settlor to create the arrangement.

5. Explicit Trust: Focuses on the clear and unambiguous terms of the trust.

6. Settlor-Created Trust: Descriptive term underscoring the settlor’s role in formation.

7. Non-Charitable Trust: Distinguishes it from charitable trusts, emphasizing private beneficiaries.

8. Inter Vivos Trust (or Living Trust): A type of express trust created during the settlor’s lifetime.

9. Testamentary Trust: Created via a will, though this is a specific subset of express trusts.

10. Family Trust: Often used when beneficiaries are family members, though context-specific.