The general rule is you do not want to have assets outside the trust that would exceed the probate threshold amount. Today that amount is $75,000 for personal property and $100,000 for real property.
Although there is nothing wrong with having your checking account in the name of your trust, some individuals like to have just their name on the face of the check. You can have your individual name on the check even if the account is in the trust, or you can simply choose to leave a small checking account outside of the trust.
Another asset that can be left outside the trust are vehicles. Once again you want to be aware of the value of all vehicles left outside the trust. If the combined value of all vehicles exceeds the $75,000 probate threshold amount then you need to get some of your vehicles transferred into your trust.
Other assets which are not generally owned by the trust are IRAs and pension plans. What’s important is to coordinate the appropriate beneficiary designation with your overall estate plan. This is a complex area of planning and must be based on each person’s individual family circumstances and size of estate.
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