Creating a revocable trust and transferring your assets to the name of that trust will not impact your ability to control such assets during your lifetime. The exception to this would be in the event of incapacity, then the successor Trustee would be in charge of the trust assets and would be responsible for managing the assets for your benefit in accordance with the terms of the trust. During your lifetime, you may engage in any transaction that you could before you had a Trust. There are no changes in your income taxes either. A revocable trust does not file any separate income tax returns. Because a living trust is revocable, it can be modified at any time or it can be completely revoked if you so desire. Upon your passing, the trust can no longer be modified and the successor trustee(s) you have designated will then proceed to follow the terms of the trust in accordance with your wishes.