Revocable Living Trust
Definition - What does Revocable Living Trust mean?
A revocable living trust is a trust that can be altered or revoked at any time. This means that a grantor can put assets or property into the trust, and then remove them at a later date if necessary. Revocable living trusts are often exempt from certain taxes and legal proceedings.
Justipedia explains Revocable Living Trust
The benefit of a revocable living trust is that the grantor is not bound to the terms of the trust forever. He or she can alter it as needed. For example, if a grantor puts his/her vacation home into a revocable living trust, he or she can take it out of the trust if there is a need to sell the home later in life. Doing this would not be an option if it was an irrevocable trust because irrevocable trusts do not allow for alterations.