He told a news conference he had formally given “complete and total” control to them in a bid to avoid conflicts of interest.
Mr Trump’s attorney says the president-elect has “isolated” himself from his businesses.
Sheri Dillon says Mr Trump wants it to be clear that he is not using his presidency for his personal benefit.
Speaking at Mr Trump’s first news conference since he was elected in November, Ms Dillon explained that all of the Trump Organisation’s businesses would be transferred to a trust controlled by his sons and the chief financial officer, Allen Weisselberg, before Mr Trump takes power on January 20.
“Together, Don, Eric, and Allen will have the authority to manage the Trump Organisation and will make decisions for the duration of the presidency without any involvement whatsoever by President-elect Trump,” said Ms Dillon, whose firm Morgan, Lewis and Bockius has been instructed by Mr Trump to draw up a structure to keep his business interests separate.
Ms Dillon added that an ethics adviser would be appointed to the management board of the trust to oversee any potential conflicts of interest.