Simple English definitions for legal terms
Read a random definition: dissolving condition
Settlor: The person who creates a trust and gives something valuable to a trustee to take care of for someone else. The settlor decides how the thing given should be used for the benefit of the person who will receive it. Sometimes, the settlor can also be the person who will receive the thing given. In some cases, the settlor can also be the trustee who takes care of the thing given.
Definition: The settlor is the person who creates a trust. This is usually the person who donates or gives away something of value. The settlor transfers legal ownership of this item to the trustee. The settlor also decides how the item will be used for the benefit of the beneficiaries. In some cases, the settlor can also be a beneficiary of the trust. If the settlor creates a self-declared trust, they can also be the trustee.