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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The general advice above does not constitute an attorney-client relationship: you haven't hired me or my firm or given me confidential information by posting on this public forum, and my answer on this public forum does not constitute attorney-client advice. IRS Circular 230 Disclosure: In order to comply with requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
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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