A Revocable Trust can be terminated by any of the creators of the trust during their lifetimes by executing a written Statement of Revocation. Usually the trust remains in existence until after the deaths of the creators, and then will automatically be terminates when the assets are full distributed to the final beneficiaries. One these assets are distributed to the beneficiaries, the trust no longer has assets (corpus), and the trust ceases to exist, considering there is no longer a legal, binding element.