If you don’t transfer your accounts into your living trust during your life, your executor can manage the process for you. First they will inventory all the assets for your estate and file it with the local probate court in your state.
After probate concludes, your executor will transfer them to your trustee. The trustee will disburse belongings that have beneficiaries and any specific dollar amount gifts, then what ever is remaining will be distributed to your heirs.
The Tomorrow app lets you give a cash gift to any person or charity off the top, before assets are distributed. In the Tomorrow app, inheritance is distributed in tiers starting with the surviving spouse, then children, then family & friends.
Each tier is entitled to benefit from 100%. However, whether the inheritance distributed immediately or over time will depend on which tier is receiving the assets.
If there are no named heirs in a tier, the inheritance goes to the next level. For example, if there is a surviving spouse, 100% will go to the spouse and the trust will terminate.
But, if there is no surviving spouse, the surviving children would receive 100%. In this case however, the assets will remain in the trust and be divided into equal shares for each child.
The trustee will then make distributions to each child as the child needs funds, typically for things like education, maintenance, and support.
When the trust is depleted, it will terminate.
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