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Trust Administration Definition

Trust Administration is the practice of managing assets held within a trust. There are a lot of steps to administering a Trust. The trustee in charge of the Trust management is required to follow through with administering a Trust or risk being held personally responsible.

Trust Administration Duties

The Trustee must act in fiduciary capacity, meaning the Trustee must not place his own interest above his duties as Trustee, and may not profit from this position. The Trustee’s first obligation is to execute instructions of the Trust document and to the beneficiaries.

Defining the Duties of a Trustee

A Trust Administration Checklist is quite long. Some of the responsibilities required of a trustee are, securing and safeguarding assets like rental property, contacting creditors and paying debts; provide accounting reports to beneficiaries; remain in compliance with federal tax laws, and budgeting distributions to beneficiaries. Trust Administration is not a quick job. A Trust can outlive the Trustee. It is recommended that Trustee get the help from professionals such as legal and financial experts to help the trustee perform Trust Administration duties, and can also help Trustee easily transfer this role to his successor.

Hiring help to administer a Trust does not have to be a big decision. Trusts typically provide funds to pay accounting and legal expenses. Find out how an Estate Planning attorney can help you with getting organized and create a Trust Administration Checklist for you to follow.

Learning about Trust Administration doesn’t have to be as complicated as executing it. To find out more information about trustee duties, download our free report, “Trust Administration: Prior Planning Prevents Problems.” In this report, you’ll learn:

  1. The Trust Administration process
  2. How to stay in compliance with federal tax laws
  3. The liabilities of a Trustee
  4. What a Trust Administration Checklist is
  5. How a Professional Trust and estate attorney can help

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