The wills cover assets which are not in the trust, such as furniture, jewelry, cars and some bank accounts out of the trust. Normally, the will leaves furniture, furnishings, and personal effects as well as automobiles to the surviving spouse and then to children. Any other assets are added to the trust to follow the provisions of the trust for children, grandchildren, etc. It is possible to have the trust continue for the children's lifetime, going to their children, the trustor's grandchildren, upon the child's death. Or, when the survivor dies, a portion of the assets may be carved out as an educational trust for grandchildren.
Numerous variations are possible depending upon the couple's wishes.
Thus, if the assets go to the couple's three children upon the death of both trustors, who gets the assets if one child dies ahead of the surviving parent must be provided for and listed in the trust agreement. The question of trustees also must be fully considered. Generally, husband and wife are the co-trustees when the trust is set up. Upon the death of either the surviving spouse is usually the sole trustee. When the surviving spouse dies or becomes incapacitated, a successor trustee must be named.