The trustee manages the trust but, typically, you will be the trustee. You also may name you and your spouse as co-trustees, or a trusted family member or friend as trustee. Thus, you do not need to give up management or control of your assets. The assets and income of the trust are used for your personal benefit, and for the personal benefit of anyone else you name as beneficiaries.

Appointing a successor trustee is essential if you are the first trustee and the trust will carry on after you die or become incapacitated. You can appoint more than one trustee, can delegate different duties to each trustee, and can retain the power to remove the trustee and appoint a new one.