Books description :
Definition of revocable trust a trust that may be altered or terminated during the grantors lifetime since the trust may be altered at any time until. Revocable definition that may be revoked see more. There are many types of trusts a major distinction between them is whether they are revocable or irrevocable revocable trust also known as a living trust a revocable trust can help assets pass outside of probate yet allows you to retain control of the assets during your the grantors lifetime it is flexible and can be dissolved at any time should your circumstances or intentions change. Sample revocable living trust to illustrate typical provisions the successor trustee agrees to furnish annual statements to the beneficiaries receiving distributions showing all receipts and disbursements during the period covered and to submit annually a statement of the assets of the trust. A revocable living trust is a popular estate planning tool that you can use to determine who will get your property when you die most living trusts are revocable because you can change them as your circumstances or wishes change
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