- The trustee maintains the legal right to manage and control the assets held in the trust.
- The trustee is instructed to manage all the trust’s assets for their benefit throughout their lifetime.
- The beneficiaries are named that will receive the trust’s assets upon their passing.
- Guidance as well as certain powers and authority are given to the trustee to manage and distribute the trust’s assets. This is particularly important if the trustee is anyone other than the trust during the trust’s lifetime, as they are not permitted to use the assets for any personal gain not to the benefit of the trust unless with explicit permission.
No one wants to consider the reality that one day they will no longer be in control of their assets. However, making this consideration for the benefit of yourself and your beneficiaries is crucial. Contact Dwight Tompkins today!
Living Trust Attorney Orange County