Although the various titles of trustee, executor, and administrator may sound the same, they are, in reality, each quite different from one another. Accordingly, the law in California states the following in regard to the various legal roles each one plays in dealing with matters that pertain to an estate.
If the descendant passes away and places their assets in a trust, then a trustee manages that property. If an individual passes away with a will in place, then there is an executor who is responsible for handling the various affairs and making certain the assets are distributed to the beneficiaries. Lastly, if the deceased passed away and did not have a will or a trust in place, then an administrator is named to oversee the affairs of the estate.
If you need more information regarding the difference in these various roles or assistance in performing these duties, contact the law offices of Cava and Faulkner of Elk Grove, CA, and ask to schedule a free consultation.
How are a Trustee and an Executor Similar to One Another?
There are many similarities between trustees and executors. One of their principal duties is to manage and care for the assets belonging to the beneficiaries of either trust or will. Under California law, both trustees and executors are to be paid for their work.
What Does a Public Administrator Do?
A public administrator only becomes involved in handling the affairs of an estate if the descendant left no will and also if there is no one willing to act as an administrator. The public administrator acts just as a private administrator would to ensure that all debts are paid and that all of the descendant’s assets are discovered and properly disbursed at the appropriate time.
Whom Should I Choose to Manage My Affairs After I Am Gone?
Making a decision about who should manage your affairs after you are gone is a decision that should be given much thought and consideration. You may be uncertain as to whether you should have an executor or a trustee to handle your affairs. Remember that an administrator is only appointed if you do not have a will or estate plan when you pass away.
One thing that is important to remember is that a trust is not subject to probate and many of the fees associated with having a will. Unlike the executor of a will, a trustee can take over the management of a trust without a court order.
Can a Trust Attorney Help Me With Concerns I May Have About a Trustee, Executor, or Administrator?
If you have concerns about any type of individual who has been put in place to manage an estate, you need to contact the law offices of Cava and Faulkner of Elk Grove, CA, as soon as possible. Our experienced attorneys can assist you by answering any questions or concerns that you may have. Contact us by calling (979) 596-4088 and ask to schedule a free consultation.