Trust Administration refers to the trustees’ management of trust property according to the terms and for the benefit of the beneficiaries named within the trust. Trust administration also requires the successor trustee(s) to settle all debts and satisfy his or her liabilities. The trustee must also keep a detailed accounting of all matters related to the trust. Furthermore, it may be necessary and advisable to file an estate tax return regardless of whether the estate is valued at or above the estate tax exemption limit.