Revocable Trust

A trust that may be altered or terminated during the grantor's lifetime. Since the trust may be altered at any time until the grantor's death, it is considered part of the grantor's estate and is subject to taxation. The property is passed on to the beneficiaries only after the grantor's death, and the revocable trust then becomes irrevocable.

The general rule is that a trust is revocable where at any time the power to revest? title of property or revoke the trust agreement? is maintained by the grantor or a non-adverse party, or both. A revocable trust is transparent for income tax purposes under the Internal Revenue Code?, since the grantor is treated as the owner?. When a trust is revocable, there is no reason why the grantor should not also be trustee, since the tax consequences are already settled by the revocability of the trust.

See Also

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Irrevocable Trust

Maybe its Time for an Unincorporated Business Trust
Why You Will Need a Trust
UBOT - Table of Contents	List of Forms Supplied with this UBOT
Questions and Answers	Terms and Definitions
History and Operation of Trusts	Court Citations concerning trusts
UBOT Community Forum	Affiliate Program Page
Testimonials	In court? Need assistance? Jurisdictionary
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