The Revocable Living Trust is the most important document in your estate plan. It holds your assets during lifetime and/or receives assets after death and specifies how your assets will be managed and distributed. Assets transferred to a Revocable Trust during lifetime will avoid the probate administration process. You will be able to change your Revocable Trust at any time that you choose, so long as you are competent to do so. Most commonly, you will serve as the initial Trustee and will be the only beneficiary of the Revocable Trust during your lifetime. If you are married, you and your spouse will often establish a joint trust. In that case, the two of you will most commonly serve as the initial Trustees and be the only beneficiaries of the Revocable Trust while both of you are alive. You will specify the successor Trustee who will manage the Revocable Trust assets if you should become disabled, or after your death. If you are married, the Revocable Trust will often be structured to save estate taxes at the second death. This is accomplished by creating a Family Trust after the first death with a portion of the estate assets of you and your spouse. The survivor of you and your spouse will often be the Trustee of the Family Trust and can utilize the assets for his or her benefit and the benefit of your children. If the Family Trust is properly structured, it will not be taxed at the time of your death or the death of your spouse. Incorporating a Family Trust as a part of your Revocable Trust can save substantial estate taxes for you.