California Probate Code 19001 – (a) Upon the death of a settlor, the property of the deceased …
(a) Upon the death of a settlor, the property of the deceased settlor that was subject to the power of revocation at the time of the settlor’s death is subject to the claims of creditors of the deceased settlor’s probate estate and to the expenses of administration of the probate estate to the extent that the deceased settlor’s probate estate is inadequate to satisfy those claims and expenses.
(b) The deceased settlor, by appropriate direction in the trust instrument, may direct the priority of sources of payment of debts among subtrusts or other gifts established by the trust at the deceased settlor’s death. Notwithstanding this subdivision, no direction by the settlor shall alter the priority of payment, from whatever source, of the matters set forth in Section 11420 which shall be applied to the trust as it applies to a probate estate.
Terms Used In California Probate Code 19001
- Debts: means all claims, as defined in subdivision (a), all expenses of administration, and all other proper charges against the trust estate, including taxes. See California Probate Code 19000
- Deceased settlor: means a deceased person who, at the time of his or her death, held the power to revoke the trust in whole or in part. See California Probate Code 19000
- Instrument: means a will, a document establishing or modifying a trust, a deed, or any other writing that designates a beneficiary or makes a donative transfer of property. See California Probate Code 45
- Probate: Proving a will
- Probate estate: means a decedent's estate subject to administration pursuant to Division 7 (commencing with Section 7000). See California Probate Code 19000
- Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
- Trust: means a trust described in Section 18200, or, if a portion of a trust, that portion that remained subject to the power of revocation at the deceased settlor's death. See California Probate Code 19000
(Amended by Stats. 2015, Ch. 48, Sec. 2. (SB 785) Effective January 1, 2016.)