What is a revocable trust?
A revocable trust can be changed or canceled by the creator during life.
Why it matters
It gives flexibility and can avoid probate while you stay in control.
Common confusion
Revocable means changeable; irrevocable generally means locked in.
Frequently Asked Questions
Does it protect assets from creditors?
Not much while revocable and you control it.
Do I pay separate taxes?
No — it is typically ignored for income tax while revocable.
Can I undo it?
Yes, as long as you are competent.