Beth is a widower who consulted Gary, a CFP professional, for advice with respect to her financial and estate planning goals. Beth told Gary that she has just updated her estate plan and has executed a will and a trust, a durable power of attorney, health care power of attorney and a health care proxy. Beth reports that she is the trustee of her trust while she is alive and that has named her son Carter as the successor trustee. She also reports that she is a trust beneficiary while she is alive. Beth does not understand her estate plan and wants Gary to help her understand it.

Life insurance valued at $1,000,000 her children are named as the beneficiaries.

Stock account in her name alone - $1,500,000.

A rollover IRA which she created following Garys death worth $750,000 her children are named as the beneficiaries.

A mutual fund account titled JTWROS with Carter valued at $750,000.

Her home which she owns in her name alone valued at $600,000.

1. Beth has executed what type of trust? At what point would Beth not be able to change the terms of her trust? Make sure you cover at least 2 types of trusts in your response.