In regards to a trust, what is a settlor?
The settlor of a trust is the person who actually creates the trust. In other words, if you created a trust, you would be considered the settlor. Other terms synonymous with settlor include trustor, creator, grantor and trust maker. The settlor not only sets up the trust, but also names the beneficiaries. Other responsibilities include naming the trustees and choosing which property will be transferred to the trust. What is a spendthrift clause in a trust? Many types of trusts include a spendthrift clause. It’s a provision that can prevent trust funds from being paid to anyone other than the trust’s beneficiary. Including a spendthrift clause in a trust can, for example, prevent a greedy brother-in-law from getting his hands on assets that you left for your sister. In many cases, it can also keep the trust’s assets away from creditors. How can I use trusts to make sure my beneficiaries use their inheritance wisely? To insure that an inheritance is used wisely, set up a trust in your wi
