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 all the characters I have known, perhaps Walden wears best, and best preserves its purity. Many men have been likened to it, but few deserve that honor. Though the woodchoppers have laid bare first this shore and then that, and the Irish have built their sties by it, and the railroad has infringed on its border, and the ice-men have skimmed it once, it is itself unchanged, the same water which my youthful eyes fell on; all the change is in me.”
—Henry David Thoreau (1817–1862)
“I would suggest that barbarism be considered as a permanent and universal human characteristic which becomes more or less pronounced according to the play of circumstances.”
—Simone Weil (1910–1943)