So long as the trust terms specific it is for the beneficiary then it would not be listed in the estate probate inventory. This would also be the case if it is an in trust for account at the bank. Note that even if the items passes outside probate it may need to be reported on the inheritance tax return and will be subject to inheritance tax. Have a PA probate attorney review the assets debts and income and expenses and prepare the return.
No, that manner of holding title is what is called a Probate substitute. TOD account, ITF account, beneficiary designation, Joint Tenancy with right of survivorship and accounts held in Revocable or Irrevocable Trusts all avoid probate.
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I agree with my colleagues that assets held in this way are not part of the probate estate and do not need to be listed on the Inventory.
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