Egg Harbor Township, NJ Estate Planning Law Firms & Lawyers

It depends on the purpose of the trust.  Any kind of asset protection requires and irrevocable trust.  But be careful, irrevocable means irrevocable, and if you change your mind, or the circumstances change, too bad.  An irrevocable trust is like a third person, it has its own social security number, pays taxes, and has a list of people who control it.  A trust is simply the list of instructions used to determine how and when the assets in the trust can be used.  The trust can hold all of the items you listed, the deed to a house, and two bank accounts.  The trust can also be the recipient of funds from a will, but does not include the will.  

You should definitely speak to someone about this transaction.  By putting the house in your name, you might be able to do some Medicaid planning, provided that your in-laws live in the house with you for at least two years prior to them needing Medicaid.  there is a section of the federal law that would allow for the house to be exempted, but it is a bit too complicated to explain here.  If you are in monmouth or Ocean counties, call my office.  Thoerwise,  look for someone who is a Certified Elder Law Attorney (CELA) who can explain the real estate, taxation, and Medicaid sides to this transaction. 

What is your "social"? Do you mean your social security number?  That seems unnecessary.  The title company handling the sale should simply issue a check in your name.  It could ask for your bank routing and account number and send a wire transfer or electronic check instead.  But no one needs to have your social security number to make a distribution of your share of the estate or to report that that has been done.  At most, the executor needs you to sign a Receipt and Release once you have received the funds and anything else due you from the estate.