What is Trust Administration?
Trust administration in its most simplest form is the act of carrying out the instructions left in the trust as well as those in the probate code.
A trust administration is performed by the Trustee whose job is to manage the trust estate. The Trustee has broad discretion as a fiduciary and eventually to transfer the property held in the trust to the trust beneficiaries.
The trustee is responsible for trust administration and holds the duty of fiduciary. The trustee must protect the assets of the trust, and ensure they are used according to the trust set up.
Duties every trustee must adhere
Generally, these duties are broadly listed within the Trust agreement itself. Otherwise, there is a list that can be found in the Probate Code that lists them. Some of the larger more important fiduciary duties that they have include:
· Duty of Follow the Terms of the Trust
· Duty of Impartiality (must treat all beneficiaries the same)
· Duty of Loyalty
· Duty to Make Trust Property Productive
Duties of A Trust Administrator