Revocable Living Trust
A trust that can be changed or cancelled by the grantor at any time.
Detailed Explanation
A Revocable Living Trust is the most common type of living trust. As the name implies, the grantor retains the right to change, amend, or revoke the trust at any time during their life. They often act as the trustee, managing the assets. Upon death, the trust becomes irrevocable and assets are distributed to beneficiaries.