Revocable Trust

A trust whereby provisions can be altered or canceled dependent on the grantor. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to the beneficiaries.

Also referred to as a "revocable living trust".

Investopedia Says:
This type of agreement provides flexibility and income to the living grantor; he or she is able to adjust the provisions of the trust and earn income, all the while knowing that the estate will be transferred upon death.

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This arrangement allows you to have more control over your estate - both before and after your death. Establishing A Revocable Living Trust
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What would happen if you were suddenly unable to manage your financial affairs? Preparation is the best protection. The Importance Of Estate And Contingency Planning
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Agreement whereby income-producing property is deeded to heirs. The provisions of such a Trust may be altered as many times as the Grantor pleases, or the entire trust agreement can be canceled, unlike irrevocable trusts. The grantor receives income from the assets, but the property passes directly to the beneficiaries at the grantor's death, without having to go through Probate court proceedings. Since the assets are still part of the grantor's estate, however, estate taxes must be paid on this transfer. This kind of trust differs from an Irrevocable Trust, which permanently transfers assets from the estate during the grantor's lifetime and therefore escapes estate taxes.

Trust in which rights to make any changes therein are retained by the Grantor. At the grantor's death all rights become irrevocable. This type of trust has several advantages: it can avoid Probate it prevents public disclosure of the assets of the trust, it can easily be revised or terminated, and it promotes continuity for the transfer of the estate. However, since the grantor retains ownership rights under this trust, the trust loses all of the income and estate tax advantages available under an Irrevocable Living Trust.