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Simple English definitions for legal terms
revocable
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A quick definition of revocable:
Revocable: This means something can be changed or taken back. For example, if you give someone a gift but later decide you want it back, it is revocable.
A more thorough explanation:
Definition: Capable of being canceled or withdrawn.
Example: A revocable trust is a type of trust that can be changed or terminated by the grantor at any time.
Explanation: The term "revocable" refers to something that can be undone or taken back. In the example given, a revocable trust is a legal arrangement where the person who creates the trust (the grantor) can change or cancel it at any time. This means that the trust is not set in stone and can be modified if the grantor's circumstances or wishes change.