Which type of trust is typically revocable, allowing the trustor to maintain control over the assets?

A living trust, also known as an inter vivos trust, is designed to be revocable, meaning the trustor can alter or terminate the trust at any time while they are alive. This type of trust is particularly advantageous because it allows the trustor to maintain control over the assets placed within it, managing them as they see fit. This flexibility can accommodate changes in circumstances or preferences, such as adjustments in beneficiary designations or alterations of asset management strategies.

Living trusts also serve practical purposes, such as avoiding probate at the trustor's death, thereby ensuring a smoother and more private transfer of assets. This contrasts with other types of trusts like testamentary trusts, which are set up through a will and take effect after the trustor’s death, and irrevocable trusts, where the grantor relinquishes control over the assets permanently once they are placed in the trust. Special Needs Trusts are structured to benefit individuals with disabilities, often without disqualifying them from government benefits, but they do not typically offer the revocability feature that living trusts do.