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What is the relationship between the beneficiaries and the trustees?

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Host: What is the relationship between the beneficiaries and the trustees?

William Conway: Well, while the trust is existing during the life of the maker of the trust, that person is him or herself or sometimes a couple, the beneficiary of the trust. If those persons pass away, then there are another set of beneficiaries of the trust and that set of beneficiaries typically are children, sometimes it is friends, relatives or charities, but as those properties would then be transferred to the beneficiaries, they will be transferred within the trust and through the trust and by the instructions within the trust.