What is a characteristic of a revocable trust?

A revocable trust allows the grantor, who is the person establishing the trust, to retain significant control over the assets held within the trust during their lifetime. This means the grantor has the ability to alter or amend the terms of the trust whenever they choose, as long as they are mentally competent. This flexibility is one of the key features of revocable trusts, making them popular tools for estate planning.

In contrast to the other options, a revocable trust does not require court approval to be established, can change upon the death of the grantor, and typically does not offer specific tax benefits like irrevocable trusts might. Thus, the defining characteristic of a revocable trust is indeed the grantor's ability to modify the trust terms while they are alive.