A guide to investment for trustees 8 Types of trusts A trust usually comes into existence in one of two ways – either it is a settlement created by an individual during their lifetime or it is a trust created on death by a will or by intestacy rules. Intestacy is when someone dies without having made a valid will. In such cases, a statutory trust is imposed so that the rights of those entitled to benefit from the estate of the deceased person can be safeguarded.