Which of the following describes a revocable trust?

A revocable trust is characterized by the ability of the grantor to alter, amend, or completely revoke the trust after it has been established. This flexibility allows the grantor to maintain control over the assets within the trust, modify the terms as personal circumstances change, and ultimately dissolve the trust if desired.

This feature makes revocable trusts distinct from irrevocable trusts, which cannot be altered or revoked without the consent of the beneficiaries involved. The nature of revocability is key in estate planning, as it enables individuals to adapt their estate plans to evolving needs or changes in financial situations.

By choosing the correct option, one recognizes the fundamental attributes of a revocable trust and its practical implications in managing assets and providing for beneficiaries while retaining control over the trust during the grantor's lifetime.