What are the powers of a settlor? How to you pick a settlor for your trust? Estate Planning Attorney Kevin O’Flaherty explains the role a settlor in this epi.. A Trust involves three roles: (1) the Grantor (also known as the “Settlor,” “Trustor,” or “Trust-Maker”) who establishes the trust, (2) the Trustee (also known as the “Trust Manager”) who is given the responsibility to manage the assets of the trust in accordance with its instructions, and (3) the Beneficiary who receives beneficial enjoyment of the trust’s assets under.
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According to the relevant law, a trust is created if The settlor of the trust (which is the
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If you meet with your asset protection attorney to draw up a trust framework for your assets, you are the settlor. Settlors are also known by other names such as: Grantor. Trustor. Trust-Maker. Each of these terms recognizes the settlor of the trust who funds the trust with assets. Once the settlor signs the trust documents and funds the trust.. The Settlor is the “king of the world” in the context of a trust. The Settlor owns the trust. The Settlor usually reserves the right to amend or revoke the trust. As such, the Settlor says who will be the trustee, who will benefit from the trust assets, and under what circumstances. The Trustee is the “worker bee” of the trust.
