Trust Administration Requirements

A fiduciary, or a trustee, is the individual responsible for administrating a trust. After a trust is formed, the trustee is responsible for handling all aspects of a trust’s account. This means that a trustee has a number of important responsibilities, each of which can have legal implications. Sometimes in elder law cases, however, trustees are unsure what their responsibilities are and can get into legal trouble if they make a mistake. Fortunately, the attorneys of Peck Ritchey, LLC, can help Chicago trustees better understand what is required of them in trust administration.

Several Requirements for Trust Administration

A Chicago trustee has several very important responsibilities, and it’s important to fully understand each of them. The requirements for trustees include:

  • Keeping the best interest of the grantor in mind
  • Not allowing conflicts of interest
  • Avoiding profit from position as trustee
  • Understanding and managing a trust’s financial account

These responsibilities and requirements are essential for any Chicago trustee to know about. Should you have any questions or concerns about trust administration and your own role as a trustee, speak with an experienced lawyer in Chicago who may be able to help you avoid legal mistakes that could cost you money.

Contact an Elder Law Attorney in Chicago

If you or someone you know has questions about trust administration, discuss your situation with an elder law attorney to better understand your legal options. Call the Chicago legal team of Peck Ritchey, LLC, at (855) 328-5787 today, and learn more about how we can put our experience to work for you.


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The peace of mind that Peck Ricthey's office has given me is worth every penny. The services they provided me and my family in an emergency medical situation is beyond outstanding. Last minute notice, Peter Brady and team were compassionate, understanding and most importantly efficient and got the job done. Look no further if you have any needs that this office can provide for you. Definitely in good hands! Thank you, a thousand times over for all of your help.

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I solicited Peck Ritchey, LLC for assistance with a living trust for which I became the beneficiary. I needed assistance with understanding the details of how it all worked. However, I was especially concerned because there were threats of allegations made by family members and a lawsuit was filed against me. I needed a solid professional who had my best interests in mind. Peter Brady took my case and he managed it flawlessly. He explained everything in a way I could understand, he knew the law inside and out, he was always available to answer questions, and even offer support when things seemed like they could become extremely problematic. In addition to this, he had a plan. He navigated the course as if he already knew the next move by the opposing attorney. He made me feel like everything was in control and that’s because he knew exactly what he was doing and he consulted with me about everything. We ended up settling out of court and ultimately the court officially dismissed the lawsuit. I honestly believe if it wasn’t for Peter and his expertise this could have gone in an entirely different direction. Peter did a stellar job and I couldn’t be more pleased and impressed with his performance.

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