revocable trust

Definition

A trust that may be altered or terminated during the grantor's lifetime. Since the trust may be altered at any time until the grantor's death, it is considered part of the grantor's estate and is subject to taxation. The property is passed on to the beneficiaries only after the grantor's death, and the revocable trust then becomes irrevocable.

Use revocable trust in a sentence

While the grantor is still living they may alter certain sections of their trust, thus making it a revocable trust.

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