The answer to this is depends upon one’s level of understanding, but it is not a critical question, because in both cases, the original owner of the assets can enjoy impervious protection of them in the trust. As to whether the asset owner elects to be creator/beneficiary/manager -- OR -- trustee, depends upon the various factors discussed in the "Roles of Creator, Beneficiary, and Trustee" section herein. It is based on the criteria given therein that one would decide which role(s) one wishes to play.