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:
“I have often noticed that after I had bestowed on the characters of my novels some treasured item of my past, it would pine away in the artificial world where I had so abruptly placed it.”
—Vladimir Nabokov (1899–1977)
“To play safe, I prefer to accept only one type of power: the power of art over trash, the triumph of magic over the brute.”
—Vladimir Nabokov (1899–1977)