What is a distinguishing characteristic of a revocable trust?

A revocable trust is a type of trust in which the grantor retains the ability to modify, amend, or revoke the trust during their lifetime. This characteristic makes it flexible and suitable for individuals who might want to adjust the terms or beneficiaries of the trust as their circumstances or desires change.

The ability of the grantor to control the trust in this way is one of its primary advantages. It allows for changes in family dynamics, financial situations, or any other personal preferences that can arise over time. This flexible approach encourages many to choose a revocable trust as part of their estate planning strategy.

In contrast, trusts that have permanently set terms or cannot be altered by the grantor do not fall under this classification. Additionally, while some trusts may benefit charities, this characteristic applies more broadly to various types of trusts rather than being a defining feature of revocable trusts specifically. This ensures that revocable trusts remain adaptable, aligning with the grantor's ongoing needs and objectives.