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Frequently Asked Questions

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The trustee named under the trust controls the assets of the trust. In a living trust, the individual who creates the trust typically acts as trustee, thus you can act as your own trustee. When this is the case, you retain broad powers to control and use the assets of the trust. When someone other than you is the trustee, the trust sets forth specific instructions for the investment and use of the trust assets. Typically you will also be the beneficiary of the trust during your lifetime. That means that you have the right to receive all the income of the trust. This is true whether you or someone else is acting as trustee. So long as you are acting as trustee, no income tax returns nor accountings are required. You may appoint someone other than yourself to act as trustee if you feel you want your assets professionally managed, or if you want them in the hands of an independent party.