When you pass away owning assets, your estate will go through either Probate or a Trust Administration. While these processes are relatively similar there are some key differences such as cost, how long it takes for your beneficiaries or heirs to inherit, and the amount of control you have over how your assets are distributed and who is in charge of distributing them.
Probate is a court supervised process. It often takes more time for assets to go through Probate, the typical time frame is 1 year – 18 months. The fees associated with a Probate are also set by the California Probate Code. The attorney and executor fees in a Probate are based on the gross value of the estate which makes it a much more expensive process than Trust Administration. Here is a quick breakdown of the attorney and executor fees:
Minimum Statutory Fees
Trust Administration does not need to go through the court system. It typically takes 6-8 months in California for assets to be distributed. The cost for Trust Administration is typically significantly less than that of a Probate.