What is a revocable living trust?

A revocable living trust is indeed a trust that can be changed or revoked during the grantor's lifetime. This characteristic is fundamental, as it provides flexibility for the grantor who may wish to alter the terms of the trust or even dissolve it entirely if circumstances change, such as the need for different asset distributions or changes in family dynamics.

Such trusts are often established to manage assets during the grantor's lifetime and can specify how assets are to be distributed after death, all while avoiding the lengthy and often costly probate process. The ability to modify the trust allows the grantor to adapt to their evolving needs and intentions.

In terms of the other choices, a trust that cannot be changed once established refers to an irrevocable trust, which has a different legal standing and implications. Regarding tax evasion, while trusts can have tax benefits, this is not their primary purpose, and designating a trust for that reason is generally not legally valid. Lastly, while a revocable living trust does help in avoiding probate, it does not exclusively serve that purpose, as it also facilitates asset management and can provide privacy concerning the distribution of the grantor's estate.