What is a revocable trust?

A revocable trust, as indicated in the correct choice, is a type of trust that allows the creator, also known as the grantor or settlor, to retain the right to modify or terminate the trust at any time during their lifetime. This flexibility is one of the primary advantages of a revocable trust. The grantor can change the terms of the trust, alter beneficiaries, or even completely dissolve the trust if they choose. This adaptability makes revocable trusts popular for estate planning, allowing individuals to respond to changes in their circumstances or wishes.

The other options describe aspects that do not apply to a revocable trust. For instance, a trust that cannot be sold or a trust that may not be modified or terminated describes characteristics of irrevocable trusts, which are fundamentally different since they do not allow changes once established. Additionally, a trust created for minors only is a specific type of trust and does not reflect the broader definition or functionality of revocable trusts, which are utilized for a wide range of estate planning needs across various demographics.