Orlando, FL estates & probate attorney Jim Flick addresses trust administration, and the responsibilities of a trustee. He remarks that when discussing trust administration, we are specifically referring to the management of an irrevocable trust. The trustee is responsible for various critical duties, including investment management, income tax reporting, and controlling distributions. Their primary objective is to ensure that the grantor’s goals for creating the trust are met. They have a fiduciary duty to all beneficiaries and must manage the trust’s investments in their best interests. The law mandates that the trustee must keep beneficiaries informed by filing a detailed accounting once a year, which outlines all the trust’s activities during that period. Additionally, they must ensure that the trust’s tax returns are filed annually with the help of an accountant. When the trust is ready to terminate, the trustee must pay all debts and make final distributions as prescribed by the trust.