Settlor (Noun)
Meaning
(law) a person who creates a trust by giving real or personal property in trust to a trustee for the benefit of a beneficiary; a person who gives such property is said to settle it on the trustee.
Classification
Nouns denoting people.
Examples
- The settlor's wishes were clearly stated in the trust document, which outlined the distribution of assets to the beneficiaries.
- As the settlor of the trust, Mrs. Smith had the authority to make changes to the beneficiary list.
- The court deemed that the settlor had not validly executed the trust due to lack of mental capacity.
- John, the settlor of the family trust, had always intended for his children to inherit the estate.
- A settlor can also be the trustee of their own trust, but this can create potential conflicts of interest.