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Trust administration occurs when there is a trust in place, and a person called the trustee is responsible for managing the trust assets according to the terms of the trust. A trust can be created for a variety of purposes, and the trustee is the individual responsible for carrying out these terms. The goal of trust administration is to ensure that the terms are fulfilled according to the directions of the settlor, the person who created the trust.
Niles, IL estates & probate attorney Dana Zivkovich discusses trust administration. She remarks that trust administration takes place when a trust has been established, and a designated trustee is tasked with managing the trust assets in accordance with its terms. Trusts may be created for a variety of purposes, and the trustee holds the responsibility of ensuring those terms are properly carried out. The central objective of trust administration is to see that the directions of the settlor—the individual who created the trust—are honored and fulfilled as intended.