Revocable Trust

A revocable trust is a trust whose terms can be changed or cancelled, giving the living trustor flexibility to adjust instructions, remove assets, or end the trust. During the trustor's lifetime, income from the trust goes to the trustor, and the assets pass to the beneficiaries only after the trustor dies.

It is a trust you can still change while you are alive. You keep flexibility, and the assets usually go to others after you die.