Who has the right to manage and control the assets in a trust?

The trustee is the individual or entity appointed to manage and control the assets within a trust. This role involves overseeing the trust's investments, distributing assets to beneficiaries according to the trust's terms, and ensuring that the trust adheres to legal obligations. The trustee has a fiduciary duty to act in the best interests of the beneficiaries, which entails handling the assets prudently and transparently. This responsibility is foundational to the trust arrangement, as it allows for the proper administration of assets and upholds the intentions set forth by the trustor, the individual who creates the trust.

In contrast, beneficiaries are the individuals or entities that receive benefits from the trust, but they do not manage or control the assets themselves. Co-owners may hold interests in property but don’t have the authority or responsibility associated with a trustee. The trustor, while instrumental in establishing the trust, relinquishes control of the assets once the trust is active, allowing the trustee to take over management duties. Thus, the exclusive management rights rest with the trustee, establishing their critical role within the trust framework.