What is a revocable trust?

A trust that allows provisions to be altered or canceled based on your wishes is a revocable trust. In such a trust, income earned on assets is given to you. This trust protects your assets during your lifetime as well as after your death. Upon your death the property transfers to the beneficiaries you assigned under the trust. Since a revocable trust lists one or more beneficiaries, the trust avoids probate. Another benefit of this trust is that you may make amendments, remove/add assets or terminate the trust during your lifetime.

A revocable trust provides income and flexibility; you may adjust the provisions of the trust and earn income while having the peace of mind knowing that your estate will be distributed according to your wishes and instructions upon death. This type of trust becomes irrevocable upon the grantor's death.