Definition - What does Revocable Trust mean?
Revocable trust refers to a trust that can be revoked or modified as many times as desired by the settler. Under revocable trust, the settler may terminate the trust at any time and recover all the assets and undistributed income.
Justipedia explains Revocable Trust
These trusts are considered as grantor trusts, with the income being taxed to the settler. Most trusts are exempted from tax, but revocable trust is not since it can be terminated by the settler. All the assets of the trust, at the time of his or her death, are treated as taxable estate.