When you die with your "stuff" in a trust, the person you have chosen, your successor trustee, has to follow your rules as to how the "stuff" is distributed. Generally the "stuff" goes into newly created separate trusts for each of your family members. These new trusts will acquire a new tax identification number, open accounts and receive the inheritance.
Trust Administration is the mechanics of moving "stuff" to your beneficiaries to meet your vision of what each person should get and how it should be protected for that person.
Yes. As long as you have shifted the "stuff" out of your name, so you have less than $30,000 in your name, and placed the "stuff" in your trust, then your estate will avoid Probate.
Click here to learn more about probate.
Click here to watch the video