While you and your spouse are alive, you each serve as Trustees, maintaining absolute ownership and power over your money and assets that have been placed into your Trust;
You maintain the ability to buy, sell, and transfer assets;
When you and your spouse have both passed, your Estate Plan takes over and sees that all of your money and assets go directly to your children (or other beneficiaries), if they are of an appropriate age, or if they are not, then your money and assets are held in your Trust for the benefit of your children and are paid out to your children under whatever circumstances you direct. In the latter case, a Successor Trustee pre-appointed by you manages your Trust assets according to your direction;
Your Estate Plan will also come into play in the event you become incapacitated for whatever reason so that your money and assets are continually managed and protected and used for your benefit and welfare; and
The time, cost, and publicity of probate are avoided!