Which type of trust can be revoked or changed by the grantor?

A revocable trust is a type of trust that can be altered or revoked by the grantor at any time during their lifetime. This flexibility allows the grantor to make changes to the trust’s terms, beneficiaries, or even to dissolve the trust entirely if their circumstances or intentions change. This feature makes revocable trusts particularly appealing for individuals who wish to maintain control over their assets and adjust their estate planning as needed.

In contrast, an irrevocable trust cannot be changed or revoked once it has been established, preventing the grantor from retaining control over the assets transferred into it. Testamentary trusts are created through a will and only take effect upon the death of the testator, and while they can be amended through changes to the will, they do not allow for revocation during the testator's lifetime. Living trusts can be either revocable or irrevocable, but without the specification of "revocable," they don’t inherently imply the ability to change or revoke the trust. Thus, the defining characteristic of a revocable trust is its allowability for modification by the grantor, making it the correct answer.