A "revocable trust" is a trust in which any of its provisions can be changed, or the trust itself can be canceled, at any time by the grantor. This contrasts with an irrevocable trust in which the trust cannot be amended or terminated. Revocable trusts are used as financial and estate planning vehicles. During the life of the grantor, the income from the trust is distributed to the grantor. Upon the death of the grantor, the property covered by the trust is transferred to the beneficiaries.