A will and a trust are both legal instruments used in estate planning, but they serve different purposes and have distinct characteristics. Here are the key differences between a will and a trust:
1. Distribution of Assets:
2. Probate:
3. Privacy:
4. Flexibility:
5. Management During Lifetime:
In summary, a will primarily focuses on the distribution of assets after death and goes through the probate process, while a trust offers more flexibility, potential privacy, and the ability to manage assets both during the grantor's lifetime and after their death. The choice between a will and a trust depends on individual circumstances, goals, and the complexity of the estate.
California's Probate Code sets forth statutory fees for attorneys representing the estate. These fees are based on a sliding scale determined by the value of the assets that are subject to probate. The fees are as follows:
Estate Value Compensation
First $100,000 4%
Next $100,000 3%
Next $800,000 2%
Next $9 million1%
Next $15 million 0.5%
Next $25 million+ Reasonable amount to be determined by the court.
It is important to keep in mind that California probate fees for personal representatives and their attorneys are cumulative. This means that if an estate is worth $2 million, the personal representative and their attorney will each earn 4% of $100,000 (or $4,000), 3% of the next $100,000 (or $3,000), 2% of the next $800,000 (or $16,000), and 1% of the next $9 million (or $10,000).
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