What is a revocable trust?

It is a trust that can be changed or even cancelled if the grantor wants or needs to do it. The trust belongs to the grantor and not the beneficiary of the trust. A revocable trust does not become the property of the beneficiary until after the death of the grantor. In contrast, an irrevocable trust becomes the property of the beneficiary when it is set up. The grantor of an irrevocable trust cannot change or cancel it or collect interest from it.