Living Trust

Control Of Assets In A Living Trust

Learn here who has control of assets in a living trust. You will also learn how much control each person has and when they are given that control.

The control of assets in a living trust is a main concern for many people who are considering setting one up. You may be wondering who will have control of the assets in your living trust, or if you will still have control of those assets. The following are the most common questions asked about asset control in a living trust and the answers to these questions:

Will I lose control of the assets in my living trust?

No! The living trust is a written legal document that allows you, as the trustee(s), unlimited access to and full control of your assets during your lifetime. It also enables you to pass property after your death to family, friends and/or loved ones. It allows you to appoint someone (a successor trustee) to make certain your property goes to the ones you choose after your death.

Can I still buy, sell and transfer assets the way I do now if I have a trust?

Yes, except that the trust will own the assets and you will manage those assets in your capacity as trustee for your own benefit. This means that all assets will be titled to the trust, and you will act as a trustee for that trust. While you no longer “own” the assets, you can still buy, sell, and transfer assets as if you did.

Who should I name as a trustee to manage my assets now and after I die?

Usually most people name themselves and their spouse while they are alive so that they can keep control of assets in their living trust. After death, choose someone you trust (and you have to specify this person in the trust) to carry out your wishes. This person will then have control of those assets in your trust, so you should choose someone that is financially responsible and will follow all of your directions.

As you can see above, you will keep complete control of your assets during your life. After your death, the only people who will obtain control of those assets are the people you state within the trust.