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.
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.
***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!
Bankruptcy Debt Bankruptcy and debt Joint tenancy Rights of survivorship Inheriting property Real estate and bankruptcy Real estate Estates Inheritance rights Estate property Rights of survivorship and estate planning Taxes and estate planning Inheritance tax Probate Trust beneficiaries Tax return Tax law