What type of trust can generally be changed or revoked while the grantor is alive?

A revocable living trust is designed to allow the grantor—the person who creates the trust—to maintain control over the assets placed within it during their lifetime. This type of trust can be changed or revoked at any time, as long as the grantor is alive and mentally competent. This flexibility enables the grantor to adjust the trust according to changes in financial situations, family dynamics, or personal wishes.

In the case of a revocable living trust, the grantor can add or remove assets, modify beneficiaries, or alter provisions that govern how the trust operates. This adaptability is one of the main advantages that people seek when establishing this type of trust, as it helps ensure that their estate planning remains in alignment with their current intentions.

In contrast, an irrevocable trust typically cannot be altered or revoked once it has been established. A special trust is not a standard term in estate planning and may refer to various specific types of trusts but does not specifically address the ability to change or revoke. A testamentary trust is created through a will and comes into effect after the grantor's death, which means it cannot be modified or revoked by the grantor while they are alive.