Although your goal is to transfer all appropriate assets to your trust, some assets will remain in your individual name. For example, credit cards and retirement plan assets will stay in your name because providers will not let you transfer title to anyone else. The good news is that these assets don’t usually require probate. Your credit card agreement, for example, provides that services end at your death. After your death, your retirement plan administrator will transfer the funds in your retirement account to your designated beneficiary.
But what happens if you become incapacitated? Someone needs authority to deal with these assets. A power of attorney for asset management gives your “agent” authority to deal with these assets on your behalf. Your agent can only act, however, during times when you are incapacitated or you have given them special authority to act immediately.