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Settlor
The person who actually creates a trust by donating property to be managed and administered by a trustee but from which all profits would go to a beneficiary.

Scott defines the settlor as:

"... the person who creates a trust, whether by a transaction inter vivos or by will...."

The law books of some countries refer to this person as a donor and according to Scott, the word "trustor" has even been used as has "author of the trust."

The most common example of a settlor is the testator who, in writing a will, necessarily creates a trust as between the moment of death and distribution of his or her estate, the deceased's assets will be held by a trustee to be collected and distributed in accordance with the terms of the will.


REFERENCES:

  • Scott, A., The Law of Trusts, 4th Edition (Boston: Little, Brown & Company, 1987).

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Unless otherwise noted, this article was written by Lloyd Duhaime, Barrister, Solicitor, Attorney and Lawyer (and Notary Public!). It is not intended to be legal advice and you would be foolhardy to rely on it in respect to any specific situation you or an acquaintance may be facing. In addition, the law changes rapidly and sometimes with little notice so from time to time, an article may not be up to date. Therefore, this is merely legal information designed to educate the reader. If you have a real situation, this information will serve as a good springboard to get legal advice from a lawyer.

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