A. Yes. Once you understand the primary mechanisms that make up a trust, you'll need to be aware of the different types of trusts. Trusts can be designed for many different financial and personal situations. The most common trusts are: credit shelter, incentive, generation-skipping, QTIP and revocable (living) and irrevocable trusts. However, the most common of these are the revocable and irrevocable trusts.