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 Pennsylvania (PA), a revocable trust, also known as a revocable living trust, is a legal arrangement where the grantor (the person who creates the trust) retains the ability to amend, modify, or terminate the trust at any time. This flexibility allows the grantor to remove assets from the trust whenever they wish. The trust agreement must explicitly state that the trust is revocable; otherwise, it is presumed to be irrevocable under state law. While revocable trusts do not provide the same tax advantages as irrevocable trusts, they do offer other benefits. These include the potential to provide income to the grantor during their lifetime and to allow assets to pass to beneficiaries without going through probate, which can save time and money. Additionally, revocable trusts can help avoid guardianship or conservatorship proceedings if the grantor becomes incapacitated. It's important to note that the specifics of creating and managing a revocable trust in PA should be discussed with an attorney to ensure compliance with all applicable laws and to fully understand the implications of the trust.