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

You may want to enter into a revocable trust if you think that will be better for all that are involved.

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I've put hundreds a month into my burial revocable trust, but not for any silly coffin! No, I want a Viking burial at sea!

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After my father's company went public, he set up a trust for me, but he made clear it was a revocable trust and my receiving it was contingent on good behavior.

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