Your IRA (Individual Retirement Account) is limited in ways that a personal Revocable Living Trust wouldn’t be. A trust allows you to maintain a great deal of control over your assets and provide specific contingencies for the distributions, while an IRA is more limited in what personal solutions it offers.
One option is to name your trust as your IRA beneficiary. This will transfer the remainder of your IRA funds to your revocable living trust at death, subjecting these funds to whatever terms you created in your trust.
An estate’s executor — the person responsible for administering the estate, also sometimes called the personal representative — is entitled to receive monetary compensation and reimbursement for any out-of-pocket expenses. There are some limitations to this, however, and the executor should not merely bill the estate for services; the probate court must approve any compensation or reimbursement requests.