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 make it a kind of pious rule to go to every funeral to which I am invited, both as I wish to pay a proper respect to the dead, unless their characters have been bad, and as I would wish to have the funeral of my own near relations or of myself well attended.”
—James Boswell (1740–1795)
“If every man possessed everything he wanted, and no one had the power to interfere with such possession; or if no man desired that which could damage his fellow-man, justice would have no part to play in the universe.”
—Thomas Henry Huxley (1825–95)