There were once three brothers who so feared the prospect of dying that they sought to bind Death in order to become immortal. Gathering together at twilight near the riverbank, where a nexus point of magically energy lay, they combined their magic and summoned forth Death itself. When the hooded figure appeared before them in the circle, they arrogantly believed that they had succeeded in their task.
The first brother, who was a highly combative man, demanded a wand that would be the most powerful in existence. One that would contain destructive power and force that would never turn against its true master, a wand worthy of one who had bound Death itself. With a tilt of Death's head he appeared before an elder tree and crafted a wand from its branch and gave it to the eldest.
The second brother, who was an extremely arrogant man, sought to prove his superiority over Death. He demanded the power to recall others from Death's cold eternal embrace. With a sweep of his cloak Death picked a stone from the riverbank and breathed upon it. His task done, he gave it to the second brother and turned to the third.
The third brother, wiser than his brothers had become unnerved. Death did not once speak and easily complied with their wishes. Unlike his brothers who were high from their belief on controlling Death, he felt doubt creep into him and so asked for a cloak that would allow him to hide from Death. Death shook's its head before raising its fingers over the ground and crafting a cloak from the earth and handing it over.
The brothers dismissed Death and departed, each eventually going there own separate ways. Unseen Death watched and laughed at their foolishness.
The first brother eventually came across his most hated rival at a distant village and quickly slew him with his new wand. Arrogantly boasting of his might over Death, of the wand's unshakable power the elder brother, and convinced Death could not take him; he never paid attention and noticed the eyes that glared at him from the darkness. As he lay sleeping, the brother of the slain rival who was eager for revenge, creeped into his room stole the wand and slit his throat.
Thus the first brother entered Death's domain.
Meanwhile the second brother journeyed back home in order to bring back his fallen beloved wife. To eternal joy his wife returned from the beyond when he used the stone's power and yet he noticed something was wrong. She was still and cold and nothing he could do could make her smile and laugh as she had done so in life. Finally reaching the breaking point of despair, by having her but not truly having back, the second ended his life to rejoin her.
Thus the second brother entered Death's domain.
The third brother felt eyes gazing at him for the rest of his life, even when he wore the cloak. He would eventually marry and have a child and when he had attained enlightenment on the fact that no one could ever hide from death did he had over his cloak to son, who loved to play pranks, and turned to face the eyes that were watching him. As Death moved towards him, to take his soul, the third brother lamented the arrogant fools that the three brothers had been.
Thus the third brother entered Death's domain.
But Death was not done.
For Death had noticed how others sought to bind him and escape the eternal truth of death. How others hoped to never die and succeed where Peverell brothers had failed. Disgusted by their arrogance and unwilling to constantly repeat the same game over again Death punished wizarding kind with a curse that would slowly kill the magic residing within them until the magic would no longer be passed on.
For their arrogance magic users would give birth to children without magic and would not know why.
Time would pass and the trinkets would be christened the Deathly Hallows as wizards and witches hunted them in order to become the Master of Death. Death hears of this self-made title and laughs at their arrogance.
When the three artifacts become aligned under one wizard Death is surprised and delighted that the wizard doesn't seek to become immortal, doesn't have any arrogant foolish thoughts in order to enslave him. This however doesn't stop him from screwing with the young man when he appeared before him the day after Voldemort is slain…..but's that's a story for another time.