Perhaps most of you at this meeting here today have never had a trust. It is important that we all understand what a trust is and how it works. One of the keys to understanding trusts is to know the meanings of a few basic terms. First, there must be a trustor. This is the person that sets up the trust. He or she transfers property to the trustee and sets up the basic rules for distribution of the income and principal from that trust. The trustee receives property and a written trust document. The document tells the trustee who should receive the income from the property and how long the trust will last and who will finally receive the corpus or principal. The principal is the property held in the trust. A basic and important definition is the difference between income and principal. Income is the dividends or interest or other types of payments that are earned by investing the trust principal. The principal includes the underlying assets which may include land, stocks, bonds or other types of property. Beneficiaries under the trust instrument come in two general categories. First, there are the income beneficiaries, those persons or organizations which will receive the income payments. Second, there are the principal beneficiaries, sometimes called the remaindermen because they receive the principal only after all the income payments have been made. Finally, there are terms of the trust. A trust may last for many years and the trustor must tell the person drafting the trust what these terms should be. Simple terms might be paying out a certain percentage to one party or to other parties, an ability to make distributions of trust principal at certain times and under certain conditions and the final distribution of trust principal to the remainderman.