What happens to assets when we die

What is the name of your state? CA

We are in the process of setting up a Living Trust. When we fund the trust with property, insurance policies, etc. what actually happens to those accounts when we do die? a) Are they liquidated and put into the trust, b) Do they remain as they are...awaiting direction from our Executor? For example...our 529 accts are currently funded monthly by our checking Acct. What happens here? Without paychecks, the funding will cease at some point.

Or do we need to be (or is it best to be) very sepcific with each asset as to what happens after we pass (i.e. sell the house and do "this" with the proceeds or continue funding accounts X,Y,Z from this source, etc)

Thanks.

It's not impossible to do this on your own, but you need to know what you are doing. From the questions, I don't believe you do. Get a lawyer to help you fund the trust.

So we did see a lawyer and have begun the process. In our meeting we discussed the Trust and its beneficieries (our kids) and guardianship, as well as the Trust Executor etc. but did not sepcify what is to be done with each asset.

I spoke with our attorney an hour ago, and he suggested NOT including specific language in the Trust as to the fate/direction of eash asset (sell the house, close this acct, etc)...rather let our Trust Executor make the decisions. He said we could not predict the financial situation/needs at the time of our death and making strict stipuations about what to do with east asset might not be the best idea. He did say we could include some notes with suggested direction, but ultimately leave it up to our Trust Executor.

Does his advice about not including specific laguage in the Trust seem reasonable?

Does his advice about not including specific laguage in the Trust seem reasonable?

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It's reasonable if you trust the trustee to make proper choices.

I think it is reasonable. Who will be the trustee? Will it be one of the beneficiaries of the will? Will the trustee also be the personal representative of the will?