The "three Characters" in The Play
A trust generally involves three "persons" in its creation and administration: (A) a settlor or grantor who creates the trust; (B) a trustee who administers and manages the trust and its assets; and (C) a beneficiary who receives the benefit of the administered property in the trust. In many instances where a revocable living trust is involved, one person can serve as grantor, trustee and beneficiary simultaneously until they die. In many other instances, especially after the death of the initial grantor, there will be different persons named to be trustee(s) or beneficiary(ies). There can be more than one of any of these "persons" in a trust at any one time.
Read more about this topic: United States Trust Law
Famous quotes containing the words characters and/or play:
“Of the other characters in the book there is, likewise, little to say. The most endearing one is obviously the old Captain Maksim Maksimich, stolid, gruff, naively poetical, matter-of- fact, simple-hearted, and completely neurotic.”
—Vladimir Nabokov (1899–1977)
“Work, as we usually think of it, is energy expended for a further end in view; play is energy expended for its own sake, as with children’s play, or as manifestation of the end or goal of work, as in “playing” chess or the piano. Play in this sense, then, is the fulfillment of work, the exhibition of what the work has been done for.”
—Northrop Frye (1912–1991)