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 Louisiana (LA), a revocable trust, also known as a revocable living trust, is an estate planning tool that allows the person who creates the trust (referred to as the grantor, settlor, or trustor) to maintain control over the trust assets during their lifetime. The grantor has the flexibility to amend, modify, or terminate the trust at any time, and can remove assets from the trust as they see fit. This type of trust does not provide the same tax advantages as an irrevocable trust because the assets are still considered part of the grantor's estate for tax purposes. However, it does offer other benefits, such as potentially avoiding the probate process, which can save time and money after the grantor's death, and providing a mechanism for managing the grantor's assets in the event of incapacity. In Louisiana, the trust instrument must explicitly state that the trust is revocable; otherwise, it will be presumed to be irrevocable. It's important to note that Louisiana law is unique due to its civil law system, which differs from the common law systems in other states, and this may affect the creation and administration of trusts within the state.