If you don’t transfer any assets into the trust during your life, the trustee’s work starts when probate is completed and all belongings and assets are transferred into the trust from your estate and/or when the trust receives any life insurance proceeds payable to your estate. The trustee will disburse the belongings that have designated beneficiaries and any specific dollar amount gifts. These gifts are paid out first and are separate from the remaining - or “residuary” - amount passing to your heirs. Then, the remaining assets - including financial accounts and instruments, real estate, and businesses - are either distributed among the heirs or are retained and managed by the trustee to be distributed at a later time, in each case according to the choices made by the trustor (deceased owner) prior to death as reflected in the terms of the trust agreement. Whether the assets are liquidated or dispersed whole is generally up to the discretion of the trustee - though the trustee will usually take into account the wishes of the trustor (if known) and the beneficiaries.
In the Tomorrow app, the residuary assets are distributed in tiers starting with the surviving spouse, then children, then family & friends. Each tier is entitled to benefit from 100% of these assets. However, whether the assets are distributed immediately or over time will depend on which tier is receiving the assets. If there are no named heirs in a tier, the dispersion is moved down to the next level. For example, if there is a surviving spouse, 100% of the remaining assets will be distributed outright 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 separate shares for each child. The trustee will then make distributions to each child as the child needs funds.
It is also possible to give a cash gift to any person or charity off the top, before assets are distributed. In the heirs section, a specific cash gift can be made to a named beneficiary.