Q:When I die, the only property that I have which will pass to my child is an “in-trust-for” account that I set up 25 years ago and is now worth a little over $100,000.00. At that time, it was my understanding that the when I died all the money would go right to my child and no estate would have to be probated and the money not be subject to death tax. Is this still correct?

A:Yes and no. It is correct that an “in-trust-for” account will pass to the named surviving beneficiary without having to open an estate. All the beneficiary needs to do is produce a death certificate and proper identification at the bank to receive his or her money. However, the entire date of death balance of the account will be subject to PA inheritance tax at the rate applicable to your child, which would be 4.5%.