They're pretty much unlimited. The settlor may do everything with his/her property as would be done as if the property were not in a trust. The settlor as the initial trustee may also dispose of real property during his/her lifetime. They just no longer will be in the trust at the time it is to be administered. The beneficiaries have no present interest in the trust, but only an expectation of a testamentary gift conditioned upon the settlor's death. The word "revocable" means that the trust could even be revoked during the settlor's lifetime.

The Settlor cannot cause property of the estate to be held in perpetuity; the property must eventually be conveyed to something or someone. The Settlor cannot condition conveyance of property upon the commission of a criminal act or an act that would violate public policy. For example, the Settlor cannot say, the property will go to Bill Smith only if he kills his wife. The Settlor cannot convey something that he does not have at the time of the conveyance. For example, the Settlor cannot convey a 1998 Cadillac to John Doe, if, at the time of the Settlor's death, the Settlor no longer owns the 1998 Cadillac. The Settlor cannot require a beneficiary to accept a conveyance or to comply with any conditions of a conveyance a beneficiary chooses to reject. For example, if the Settlor requires a beneficiary to pay off the balance on the house before the beneficiary gets title to the house, the beneficiary can choose to not accept title to the house, and therefor not be required to pay off the balance of the house.