Revocable Trust
A trust you can change, amend, or cancel at any time while you are alive and competent.
Revocable is the default for most living trusts, and the flexibility is the point: you can move assets in and out, change beneficiaries, or undo the whole thing.
That flexibility has a trade-off. Because you retain control, the assets are still treated as yours — a revocable trust does not shield them from your creditors and does not remove them from your taxable estate.
Related Terms
Irrevocable Trust
A trust that generally cannot be changed or revoked once established, because you have given up control of the assets placed in it.
Living Trust
A legal arrangement you create during your lifetime to hold your assets, so they can pass to your beneficiaries without going through probate.
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