A Revocable Trust for you and your spouse (if married) can provide for a great deal of organization to help plan for your spouse, your children, grandchildren, other objects of your affection, contingent beneficiaries and sometimes charities.
In your Revocable Trust you also name Successor Trustees to handle your affairs. This is a way to make sure your kids don’t get everything when they turn 18. Instead, usually parents name a trustee to provide for their health, maintenance, education and support until the children turn certain ages where the assets are sprinkled out to them. For example, ⅓ at age 25, ½ at age 30 and the balance at age 35.
This document can also provide for special needs trusts and other provisions for children to serve as co-trustees while the person who made the trust is alive. These documents can also be customized for second marriages and non-traditional families.