Definitions for "Revocable"
Capable of being revoked; as, a revocable edict or grant; a revocable covenant.
Can be altered, amended, revoked, or terminated during the lifetime of the grantor.
Capable of being annulled or cancelled.
A decision that can be changed. If your plan for a future gift is revocable, it means that you can change your mind about making the gift. For example, a bequest intention can be changed, therefore it is revocable.
This means that the person transferring or gifting the property can change his or her mind at any time. The transferor retains full control over the property.