Who Controls Trust Assets?
Will I lose control of my property and assets if I place them into a trust?
With a revocable living trust, you will not lose control of the property and assets that you place in the trust. “Revocable” means that you can revoke or amend the trust whenever and however you wish, and “living” means that the trust is legally in existence during your lifetime to use for the benefit of you and your family. You may be the trustee of your living trust, which means you manage and direct the use of the trust assets and property in the trust, and you will name a “successor trustee” to take over upon your death. After your passing, the successor trustee will generally either distribute the trust assets and property to your beneficiaries, or continue to hold the property and manage the trust in accordance with the terms you have specified in your trust document.
Unlike a revocable living trust, an “irrevocable” trust is, as the name implies, irrevocable in nature, meaning you cannot change or amend the trust once it is established except under limited circumstances and with a court order. An irrevocable trust also typically requires you to relinquish control of the trust assets and property that is held in the irrevocable trust. However, an irrevocable trust is often a superior way to secure tax benefits and asset protection. Once we evaluate your personal and financial situation and assess your needs and goals, we will make specific recommendations regarding the type of trust that is the most appropriate for you.