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.
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Related Terms
inter vivos trust, revisionary trust, bypass trust
'revocable trust
' appears in the definitions of these terms on BusinessDictionary.com
bypass trust, termination of trust, testamentary account, living trust
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