Grantor / Trust Maker: These terms are generally synonymous, though there are subtle, technical differences. In general, they refer to the individual who establishes a trust. Think of it this way: the Settlor / Trust Maker establishes the trust and determines how the trust will operate. The Grantor (a technical tax term) puts his or her property into the trust. (Thus, the Grantor and Settlor-Trust Maker is usually the same person.) The trustee manages and administers the trust for the benefit of the beneficiary or beneficiaries.
Revocable Living Trust (RLT) is the main document & planning solution most trusts & estates attorneys implement for clients. You transfer your property to the RLT during your life so that your designated trustee can manage that property for you if you become disabled and when you die. Because the trust owns the property, probate is not necessary to transfer property after you die. You can make changes at any time to your revocable living trust and remain in considerable control of your assets as grantor/trust maker. Assets held in your trust can be managed by a successor trustee that you name if you become incapacitated. A properly funded RLT protects your estate from lengthy probate proceedings and avoids probate fees because your assets named in the trust pass directly to your beneficiaries. A revocable living trust becomes irrevocable once you die.
Irrevocable Living Trust (IRLT) provides greater asset protection during your lifetime as grantor/trust maker and reduces estate tax at your death. However, you can’t manage your assets in your IRLT. IRLT requires a designated third-party to make changes to the trust.
Irrevocable life insurance trust is designed to accept life insurance benefits at the time of your death, which can reduce estate taxes to preserve more of your wealth for your beneficiaries.