The provisions within a revocable trust may be altered or canceled depending on the wishes of the grantor or the originator of the trust. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to the beneficiaries.

Related Terms

  • Trustee

  • Testamentary Trust

  • Special Needs Trust

  • Qualified Terminable Interest Property (QTIP) Trust

  • Living Trust

  • Irrevocable Trust

  • Insurance Trust (ILIT)

  • Grantor

  • Generation-Skipping Trust (GST)

  • Credit Shelter Trust (CST)

  • Charitable Remainder Unitrust (CRUT)

  • Charitable Remainder Trust

  • Blind Trust

  • Asset Protection Trust (APT)