What type of trust can typically be changed by the grantor at any time?

A revocable trust is designed to allow the grantor the flexibility to alter, amend, or even completely revoke the trust during their lifetime. This characteristic is essential because it gives the grantor control over the assets in the trust, enabling them to make adjustments as their circumstances or intentions change. For example, the grantor can add or remove assets, change beneficiaries, or modify the terms governing the trust.

In contrast, an irrevocable trust is permanently established and cannot be changed or revoked by the grantor once it is created, except under very limited circumstances. Testamentary trusts come into existence upon the death of the grantor and are defined by the terms outlined in their will, offering no opportunity for changes by the grantor after their death. Charitable trusts are dedicated to benefiting a charitable organization or purpose, and while they may have specific terms that allow for some modifications, the overarching intent usually aligns with philanthropic goals rather than personal control by the grantor.

Thus, the distinguishing feature of a revocable trust is its inherent flexibility and the ability for the grantor to change its terms at any time, making it the correct answer.