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In trust law, a settlor is a person who settles (i.e. gives into trust) their property for the benefit of the beneficiary. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. [a] Where the trust is a testamentary trust, the settlor is usually referred to as the testator.
A grantor of a trust, sometimes referred to as a trustor or settlor, is the individual who establishes a trust. ... Grantor vs. Trustee. Grantor of a Trust: What Are Their Responsibilities?
For Federal income tax purposes in the United States, there are several kinds of trusts: grantor trusts whose tax consequences flow directly to the settlor's Form 1040 (U.S. Individual Income Tax Return) and state return, simple trusts in which all the income created must be distributed to one or more beneficiaries and is therefore taxed to the ...
a written trust instrument created by the settlor and signed by both the settlor and the trustees (often referred to as an inter vivos or living trust); an oral declaration or promise; [14] the will of a decedent, usually called a testamentary trust; or; a court order (for example in family proceedings).
The Settlor has the right to change or add other beneficiaries at any time without notification to any beneficiary past or present, the state of Nevada, or the Federal Government. All rights and privileges of a Spendthrift Trust formed in the State of Nevada are clearly set out in a concise set of statutes in Nevada and are not dependent on ...
[1] Property is transferred by a person (called a trustor, settlor, or grantor) to a transferee (called the trustee), who holds the property for the benefit of one or more persons, called beneficiaries. The trustee may distribute the property, or the income from that property, to the beneficiaries.
A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the settlor or "grantor" of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. For example, a Totten trust ...
Testamentary trusts are distinguished from inter vivos trusts, which are created during the settlor's lifetime. There are four parties involved in a testamentary trust: the person who specifies that the trust be created, usually as a part of their will, but it may be set up in abeyance during the person's lifetime.