A Revocable Trust is also known as a Living Trust, and it is an estate planning vehicle that allows you to determine how your assets are dispersed to heirs or other entities. While you are alive, you can modify the trust without restriction.
When setting up a Revocable Trust, you generally name a Trustee (the person that will care for the assets in the trust and oversee distribution) and define the terms and conditions of the Trust. It is also possible to name yourself the Trustee in a Revocable Trust while you’re alive, but you should also name a contingent Trustee in the event of your death.
The “Revocable” part of the trust means you can modify or cancel any of the terms and conditions of the Trust at any given time, without restriction, which usually includes removing all of the assets from the Trust with no penalties or tax implications.
Do I Need Professional Help to Prepare a Trust?
How Much Does it Cost to Prepare a Trust?