A living trust is a way for you to assets into a trust while you are still alive and it will be transfered over to your beneficiaries once your pass away. Often times, people with a living trust name themselves at the trustee (or person in charge of handling the assets in the trust) so that you can still benefit and remain in control of your assets during your lifetime. A successor trustee can be named as well, which can be a person or an institution, that will take care of your assets should the primary trustee ever become unable to do it any longer.
The living trust can be changes or revoked at anytime by the person who created it as long as this person is still competent.
In your living trust agreement, the trustee will have the legal right to manage and control all assets named in the trust. This is why most people opt to name themselves are the primary trustee. The living trust will also name the beneficiaries to the trust’s assets who will receive siad assets when you pass away.
The trustee is meant to be a person who you trust and have the fullest confidence in to uphold your wises and to divide up the assets in the trust as you have instructed. This person will be responsible for following certain guidelines and have authority over your property so it’s of the utmost importance to choose this person wisely.