Revocable living trust
A trust the grantor can amend or revoke during life, used to avoid probate.
A revocable living trust is created during the grantor's lifetime and can be amended or revoked by the grantor at any time. Assets titled in the trust pass to beneficiaries without probate on the grantor's death, and a "pour-over will" captures any assets left outside the trust.
Revocable trusts do not provide creditor protection or estate-tax savings on their own; their main benefit is probate avoidance and incapacity planning.