A revocable trust is effective while the grantor is living and used to consolidate assets for management during the grantor’s life, preserve privacy, protect the grantor’s interest in the event of incapacity and provide uninterrupted administration at death. The grantor may amend or revoke the trust, serve as trustee or appoint an independent trustee. At death, the trust becomes irrevocable and is distributed according to the grantor’s wishes as expressed in the trust.