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".

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.