Donald Trump's children are preparing to take over their father's empire.

The Trump Organization will be placed in a trust fund when Donald Trump becomes President of the United States to avoid conflicts of interest, and his three eldest children will run the company.

In an interview with CNN this weekend, Trump's lawyer, Michael Cohen, said the billionaire is no longer interested in running the multi-billion dollar Trump Organization, or in using his presidency to increase his wealth.

Instead, ownership of the company will be transferred to a blind trust. And his three eldest children will run it. In theory, a blind trust is a type of trust fund where the trustee has full control over the assets. And the beneficiaries do not know what assets the fund contains.

"We're going to do this legally. The company will be placed in a trust. His three children – Don, Ivanka, and Eric – are very smart. They're really capable. He's very confident in them running the company, with the support of those around him," Cohen said.

Cohen also acknowledged that some people would be unhappy with this arrangement. "Can we please everyone? The answer is no. But everything will be done legally. He's no longer interested in the company," he said.

Donald Trump's children will take over his company. Photo: AFP

However, lawyers disagree. They explain that because Trump built the company, he knows every asset inside and out, from 17 golf courses and 15 hotels to dozens of apartment buildings. Furthermore, handing over management of the company to his three children means the business remains in the hands of the Trump family.

"Transferring control of the company to his children only gives him more free time and does nothing to resolve the conflict of interest," commented Kenneth Gross, a legal expert at Skadden, Arps, Slate, Meagher & Flom.

CNBC, citing an anonymous source, reported that Trump's three children will each manage a portion of the company. Ivanka will run the hotel division, Donald Jr. will be in charge of the golf course division, and Eric will manage the winery and new development projects.

Many sources indicate that, to avoid criticism that the company is trying to profit from Donald Trump's power, his family will limit the pace of expansion and reduce contracts with international partners that could create conflicts of interest.

"They will simply manage the assets and let them grow naturally. But they won't be making many new deals anymore," a source close to the matter said.

In a document released during his campaign, Trump stated that the Trump Organization was made up of more than 500 different companies. He was also listed on the boards of several companies based in the UK.

Although there are no specific laws prohibiting the President from engaging in business, all recent White House occupants have done everything they can to avoid being seen as having a conflict of interest. In March, Donald Jr. revealed that their father "had always prepared us to run the company." Trump's children reportedly meet for breakfast at 7 a.m. every Monday to discuss the week's priorities for the real estate company.

The impact of Trump's election on brand value and company revenue remains uncertain. Throughout the campaign, his controversial policies and comments negatively impacted the Trump brand. Visits to Trump properties, such as golf courses, resorts, and hotels, declined.

However, now that Trump has been elected, this could change. After his inauguration in Washington on January 20th, he will become the most powerful person in the world.

According to VNE