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 cannot be much pleased without an appearance of truth; at least of possibility—I wish the history to be natural though the sentiments are refined; and the characters to be probable, though their behaviour is excelling.”
—Frances Burney (1752–1840)
“A bestial and violent man will go so far as to kill because he is under the influence of drink, exasperated, or driven by rage and alcohol. He is paltry. He does not know the pleasure of killing, the charity of bestowing death like a caress, of linking it with the play of the noble wild beasts: every cat, every tiger, embraces its prey and licks it even while it destroys it.”
—Colette [Sidonie Gabrielle Colette] (1873–1954)