Every family/person with assets should have a Living Revocable Trust. The living trust avoids Probate. The stated legal purpose of probate is to establish clear title to, or ownership of, an asset. If you have a will, your estate does not go directly to your heirs but instead must pass through probate. With a living trust you have clear title. The property is owned by the trust but is under the complete control of the trustees.
When a living revocable trust is created, this is simply a piece of paper. It is a document very much like a will that will designate where your assets are to go. However, in order for this trust to be valid, you have to fund the trust.
Funding a trust means that you change the ownership of all of your assets from you, as an individual, to you as a trustee of your trust. If you are married you will be changing your account registration to read you and your spouse as trustees of your joint trust. You will change your beneficiary designations so that your spouse is your primary beneficiary and the trust becomes your contingent beneficiary.