A revocable trust is a trust that can be changed or cancelled by its settlor or by another person. While a trust is still revocable it does not avoid estate taxes, which is why most trusts are Irrevocable after the settlor dies. Revocable trusts are the opposite of irrevocable trusts. Revocable trusts are the opposite of revocable trusts.
An instrument that can be modified or cancelled at any moment without notice to and agreement of the beneficiary, but customarily includes a clause in the credit to the effect that any draft negotiated by a bank prior to the receipt of a notice of revocation or amendment will be honored by the issuing bank. Rarely used since there is no protection for the seller.
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.