Legal Question in Wills and Trusts in California
Trustee vs. Administrator
My father recently passed and left his assets to be divided according to his will, among two families (he was married twice). On one side of the family is a trustee, on the other is the administrator. What is the difference between these two jobs? What are the responsiblities for each job? Also a bond was required. What is the purpose of a bond? His house has been sold, but no one seems to know where the money from the sale of the house is. Should the money be in a lawyer's account, or would it go directly to either the trustee or administrator?
1 Answer from Attorneys
Re: Trustee vs. Administrator
The trustee takes care of assets in the trust, while the administrator (or executor, or personal representative) takes care of assets outside the trust, if any. The administrator would only be necessary if probate is required (in California, it's generally required when assets outside the trust exceed $100,000).
The house sale proceeds would be payable to the entity having the house--if it was in the trust, to the trustee, and if it was in your father's name alone, then to the administrator.
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