revocable

Revocable means capable of being withdrawn, canceled, or reversed by the person who created it. In legal and financial contexts, revocability is a defining feature of instruments or arrangements that the creator can change or terminate without the consent of others, subject to any stated terms or applicable law.

In contrast to irrevocable arrangements, revocable instruments can be modified or terminated at the option of the creator. The extent of revocation often depends on the specific document and jurisdiction, and some arrangements may become irrevocable upon certain events (for example, upon death in a trust).

A common example is the revocable living trust. Created during the grantor’s lifetime, a revocable trust can be amended or revoked by the grantor. The trust typically allows the grantor to retain control of assets and can help manage property during life and avoid probate after death. However, revocable trusts usually do not provide creditor protection or tax benefits that irrevocable trusts may offer, and the grantor’s tax situation generally remains tied to their personal return.

Revocability also appears in powers of attorney. A revocable power of attorney can be canceled by the principal, whereas a durable or other forms may specify terms about continuation during incapacity. Revocation generally requires written notice to relevant parties and compliance with applicable law.

Licenses, offers, and other legal instruments can be revocable as well. A revocable license can be withdrawn by the licensor, typically with notice and in accordance with the license terms. In contract law, an offer remains revocable until it is accepted, unless the offer stipulates otherwise or an option contract is created.

Overall, revocability describes the ability to withdraw, amend, or terminate a legal arrangement, with practical effects varying by document type and jurisdiction.