A revocable trust, also known as a living trust, is a type of trust in which the grantor or originator retains the ability to alter, amend, or revoke the trust during their lifetime. The grantor has control over the assets placed within the trust and can make changes to the trust’s provisions or even dissolve the trust if desired. Revocable trusts are commonly used for estate planning purposes as they provide flexibility and allow for the seamless transfer of assets while offering the grantor the ability to modify the trust’s terms as circumstances change.
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