Trusts are classified as either revocable or irrevocable based on how the trust operates. A revocable trust, sometimes referred to as a living trust, allows the trustor to modify the terms of the trust or revoke the trust entirely, at any time while the trustor is still alive. Upon the trustor’s death, the trust then becomes irrevocable. A revocable trust is very flexible because it allows you to modify your instructions in order to address any changes in your circumstances or intentions. The trustee does not take control of a revocable trust until after the trustor’s death or incapacity.