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:
“To marry a man out of pity is folly; and, if you think you are going to influence the kind of fellow who has “never had a chance, poor devil,” you are profoundly mistaken. One can only influence the strong characters in life, not the weak; and it is the height of vanity to suppose that you can make an honest man of anyone.”
—Margot Asquith (1864–1945)
“There comes a point in many people’s lives when they can no longer play the role they have chosen for themselves. When that happens, we are like actors finding that someone has changed the play.”
—Brian Moore (b. 1921)