Who is in control of the assets of a trust?
Minnesota estate planning attorney Karen Schlotthauer explains how trustees manage the assets of a trust.
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Who’s in control of the assets in a trust? The person called a trustee is the one who’s in charge of managing the trust assets. It can be that your spouse is a trustee or a co-trustee of a trust. In the case of a QTIP trust, it’s more than likely that the spouse would have a co-trustee because you’re limiting their rights to the control over that trust. In other types of trusts where you’re giving a spouse more control, they can certainly act as the soul trustee. We have to throw in some extra language, though, if we want to keep it out of their estate at the time of their death. But ultimately, it’s the trustee who is in control of the trust assets.