This chapter discusses the relationship between trust parties in law. The discussion centres on the new legal framework that legislators have created for the governance of Chinese charitable trusts. It focuses on two main aspects: (a) the assignment of powers and duties to settlors and trustees; and (b) the undetermined legal nature of beneficiaries. This chapter delves into these two important aspects of governance by examining the relevant legislative provisions. Such an examination helps, first, to identify the ways in which the new charity law has helped shape the governance structure of Chinese charitable trusts; and second, to identify areas where the legal governance framework provides clear guidelines and where it is vague, has gaps, or creates risks for parties in terms of the lawful performance of their roles.