Which type of trust can be revoked, modified, or amended?

• A. Irrevocable trust
• B. Revocable trust
• C. Inter vivos or living trust
• D. Declaration of trust

Answer: (B)

The key idea is that revocability is the defining feature here. A revocable trust is created during the grantor’s lifetime and the grantor retains the power to revoke, modify, or amend the trust at any time while they are competent. This flexibility is what distinguishes it from other trusts: the grantor can change beneficiaries, adjust terms, or even dissolve the trust entirely. The trust remains in effect and assets are controlled until the grantor revokes or amends it; after the grantor’s death, it usually becomes irrevocable and assets may pass outside probate according to the terms.

An irrevocable trust, by contrast, is not designed to be revoked or easily amended, which is why it isn’t the correct fit here. The inter vivos (living) trust term describes the timing and type of trust but is commonly revocable in practice, so it isn’t as precise as the specific label that signals revocability. A declaration of trust is the instrument creating the arrangement and isn’t itself the classification of whether it can be revoked or amended.