Wills and Trusts:
First, there are a number of differences in administering trusts v. wills in probate. Many times, people ask us about the characteristics of wills in estates and living trusts and often confuse the same.
Notification Differences:
When differentiating a will in a probate case, as opposed to a living trust, notification procedures are different but have similar goals. In a Trust administration case, there needs to be a PC 16061.7 Notice. When administering a will, PC 160601.7 does not apply. Instead, in probate of a will, every named person in the will and every heir at law get a Notice, usually by publication in a newspaper in the city or county of the Decedent’s death.
Inventory in a Trust v. a Will:
In addition, there are differences in the methods of inventorying in probate of a will, as opposed to a trust. In probating a will, a court-appointed referee needs to be appointed in the case who will evaluate the property. In a probate estate, the referee appointed by the court will appraise the assets.
Payment of Fees in Probate vs. in a Trust:
Third, the method of payment of the trustee is different than that of the payment under the supervision of the probate court. The Probate Court will supervise the amount of the fees in the probate court, but rarely in a trust matter. As you can see, these contrasts between wills and trusts can make each case vary in outcome and duration.
The jurisdiction in Administering a Trust v. Administering a Will
The general rule governing the place of administration of the trust is where the trustee conducts his or her business on a day-to-day basis. On the other hand, the jurisdiction where the will is primarily administered is the place where the decedent resided at the time of his death. So, in many situations, the place where the successor trustee may be administering the trust may be different than where the decedent died. Therefore, if there is a family conflict with the trustee, the place where the lawsuit is filed is therefore the place where the trustee administers the trust.
Do you have questions about how to administer a trust and will? To learn more about living trusts and the differences in the administration of the trusts and wills, call Mina Sirkin at 818-340-4470.
