Assets that are not subject to probate include IRAs, 401Ks, and life insurance, assuming that a beneficiary has been named to receive the assets involved. Joint tenancy assets become the property of the surviving joint tenant, regardless of the provisions of the decedent's will or trust. California law requires that notice be given to trust beneficiaries and the decedent's heirs if all or part of the trust becomes irrevocable after the death. The beneficiaries and heirs are then given an opportunity to request a copy of the trust. The trust also might become public information is there is a court challenge to the trust, in which case a copy of the trust will be filed with the court.
Many clients choose their children, either as co-trustees, or in a particular order of succession.
This can be a good choice, particularly if the proposed trustee has some experience with accounting or taxes. If there are no children, or if the clients would rather not use their children as trustees, other choices are other relatives, friends, or trust companies and banks. Regardless of who is chosen, that person must be responsible and able to devote the time required to the trust administration and management. The proposed trustee does not need to have an extensive knowledge of trusts, law, or accounting, but should be willing to seek professional help to carry out the administration of the trust. A federal tax number is not needed for a trust for a married couple until one of the trustors dies, or both trustors resign as trustees or become incompetent.