Settlor Legal Meaning and Definition

Here is a simplified definition of the legal term Settlor.

Settlor (noun): A Settlor is a person who transfers ownership rights and possession of their property to others, typically through an agreement in writing. This is often done in creating a trust or a will. For instance, someone who writes a will to distribute their property after their death, or a trustor transferring their property to a trust, would be considered a Settlor. It's a term used in law, especially in estate planning.