What is a trust administration?

Trust administration is the process of managing a trust after it has been created. Trusts are legal documents that hold and manage property for the benefit of designated beneficiaries. In Delaware, trust administration is overseen by a trustee, who is responsible for ensuring that the trust is managed according to its terms. The trustee has a fiduciary duty, meaning they are legally obligated to act in the best interests of the beneficiaries. The trustee must adhere to the instructions of the trust, as well as any relevant laws. The trust administration process can involve multiple steps. It may include collecting and managing assets, making investments, filing tax returns, paying expenses related to beneficiaries, and distributing trust assets in the manner specified in the trust. The trustee must record all trust activities accurately and keep detailed accounts. Depending on the size and complexity of the trust, trust administration may require the assistance of professionals such as attorneys or financial advisors. Trust administration is an important way to protect the assets of beneficiaries. It ensures that the trust is managed in accordance with its terms and with the best interests of the beneficiaries in mind. Trustees are expected to act responsibly and with integrity to ensure that trust assets are managed properly.

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