We just finalized our revocable trust at the end of March. Our daughter is 4 and we don't plan on dying anytime soon, but have enough assets between retirement and rental properties that it's not something we can trust our financially misguided family to handle. The lawyer said we could be as specific as we wanted and basically if we could write it, it could be done; so we did. There are specific instructions on how, when and for how much to sell real property, how the funds are to be invested (Vanguard index funds) and a staggered distribution to our daughter (at ages 25, 30, 35 and 40) including milestone gifts at graduation, for a house purchase and limited college expenses. Kind of pessimistic to draw out the payments to age 40, but my reasoning was that in the case of a bad marriage she'd at least have something in mid-age. We went with a cooperate trustee (Vanguard if it meets the 2m minimum, otherwise First Trust Company of South Dakota).
Without a trust, in Montana our daughter would have unrestricted access to everything when she turns 18 during her senior year of high school. Also, my parents (husband's are deceased) and siblings have demonstrated multiple times their inability to handle finances. Family has been appointed for guardianship, but even with the cost, it made sense for us to use an institutional trust company for the money end.