settlor

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settlor

The person who establishes a trust.

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0103(16) defines a settlor to mean a person who creates or contributes property to a trust.
Nevertheless, the decision demonstrates that judges are willing to view trusts in a contractual light, even if it is unclear whether settlors need to adopt any special drafting techniques to help achieve that outcome.
133) Trusts necessarily presuppose the transfer of property from settlor to trustee.
108) Settlors derive utility from the act of executing a trust: some enjoy the prospect of controlling from the grave, others take comfort in providing for loved ones.
Unfortunately, for those trust settlors who wish to build dynastic wealth, income that is accumulated by a trust and is not distributed is subject to taxation at sharply escalating rates.
Regardless of the solution pursued, it is clear that the problem needs to be addressed before the situation is exploited by conscientious settlors to the disadvantage of rightful creditors.
Third, settlors who reside in a state that has retained the Rule
On the other hand, the books do devote some discussion to making certain that a beneficiary cannot simply sell his or her interest under a trust for a capital sum, which many settlors would also want to avoid (see c.
In jurisdictions that have enacted UPIA-97, settlors might--on the advice of their CPA--choose to override the statute and "reinstate" traditional principal and income concepts.
As stated earlier, most countries have adopted fraudulent conveyance laws which prevent individuals from defrauding creditors and those that do not have such laws will usually require that the settlor provide assurance that he or she does not plan to avoid legitimate creditors.
123) Interestingly, settlors and trustees may have an even higher desire for these protections than actors in other fields do.
A trust is an arrangement under which one person (the settlor or grantor) transfers title to specific property to another (the trustee or fiduciary), who agrees to hold or manage the property for the benefit of a third person (the beneficiary).