Definition
A revocable trust is a trust you can modify or revoke during your lifetime, maintaining control and flexibility. Upon death, the revocable trust becomes irrevocable and manages property distribution, avoiding probate.
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Revocable trusts offer maximum flexibility—the grantor retains control and can change terms, remove property, or revoke entirely. Tax-wise, revocable trusts are treated as grantor trusts during the grantor's lifetime (no separate tax filings). Upon death, revocable trusts become irrevocable and manage property distribution according to trust terms, avoiding probate. Revocable trusts are the most common trust type for residential property because of their flexibility.
Pro Tip
Revocable trusts are popular because they allow control during life while avoiding probate upon death.
Example
A homeowner creates a revocable trust, manages their home through it, and modifies terms as circumstances change.