President Donald Trump can draw money from his business empire as its trustees see fit without disclosing it publicly, according to a revised version of his trust, a change that ethics experts say blurs the lines between the Trump Organization and his administration.

Mr. Trump said before his inauguration that he would put his assets into a trust and relinquish control of his businesses to his two adult sons, in an effort to avoid conflicts of interest during his presidency. Ethics experts criticized the arrangement, in which...