A trust is a legal arrangement where management of property is separated from the benefit of that property. This is created when someone (the settlor), entrusts property into a trust (managed by trustee) for the benefit of another (the beneficiary).
Trust administration refers to the management of assets within the trust. 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 setup. The duties of trust administration will vary according to the nature of the trust.