A revocable trust—also known as a revocable living trust—is a trust that can be amended, modified, or terminated by the grantor, settlor, or trustor (person who created the trust) after it is created—and the grantor, settlor, or trustor may remove assets from the trust at any time. For example, a grantor, settlor, or trustor who terminates a revocable trust may recover the trust property or assets and any undistributed income.

Because a revocable trust may be revoked at any time it does not offer the tax benefits that an irrevocable trust offers. But a revocable trust may provide income from the assets to the grantor during the grantor’s lifetime and may allow the beneficiaries to avoid probate court, guardianship, or conservatorship proceedings, depending on the circumstances.

Laws vary from state to state but the grantor, settlor, or trustor usually must specify in the trust agreement that the trust is revocable or it will be considered irrevocable.

In California, a revocable trust, also known as a revocable living trust, is a legal entity created by an individual (the grantor, settlor, or trustor) that can be altered or dissolved at the discretion of the grantor. The grantor retains the ability to remove assets from the trust or terminate the trust entirely, at which point they can reclaim the trust property and any undistributed income. While revocable trusts do not provide the same tax advantages as irrevocable trusts, they do offer other benefits. These include the potential for the grantor to receive income from the trust assets during their lifetime and for the beneficiaries to bypass the probate process upon the grantor's death, which can save time and money and maintain privacy. Additionally, revocable trusts can help avoid guardianship or conservatorship proceedings. In California, the trust document must explicitly state that the trust is revocable; otherwise, it is presumed to be irrevocable. It's important to draft a revocable trust with the assistance of an attorney to ensure it meets all legal requirements and effectively serves the grantor's intentions.