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.
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.
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.