A revocable trust is a trust the grantor can usually amend or revoke during life.
Why a revocable trust matters
A revocable trust matters because it can organize management and transfer of property while the grantor is alive and after death. Properly funded trust property may avoid some probate administration, while still allowing the grantor to change the trust during life.
A revocable trust is not the same thing as an irrevocable asset-protection arrangement.
Where a revocable trust appears
Revocable trusts appear in estate plans, living trust documents, trust funding, successor-trustee transitions, incapacity planning, probate-avoidance planning, and beneficiary disputes.
Practical example
A person creates a revocable living trust, transfers a brokerage account into it, and names a successor trustee to manage and distribute trust property after death.
How a revocable trust differs from nearby terms
A revocable trust differs from an irrevocable trust because the grantor usually retains power to change or revoke it. It differs from a will because a trust can hold property during life and operate outside the probate estate when properly funded.
Related terms
Quick knowledge check
Why does funding matter for a revocable trust?