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 South Dakota, a revocable trust, also known as a revocable living trust, is a flexible estate planning tool that allows the person who created the trust (grantor, settlor, or trustor) to retain control over the trust assets during their lifetime. The grantor has the power to amend, modify, or terminate the trust, and can remove assets from the trust at any time. While revocable trusts do not provide the same tax advantages as irrevocable trusts, they do offer other benefits. These benefits include the potential to provide income to the grantor during their lifetime and to help beneficiaries avoid the probate process, which can save time and money. Additionally, revocable trusts can be useful in avoiding guardianship or conservatorship proceedings. In South Dakota, as in many states, the trust agreement must explicitly state that the trust is revocable; otherwise, it is presumed to be irrevocable. It's important for individuals to work with an attorney to ensure that their trust is properly established and meets their specific needs and intentions.