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settlor Definition

set·tlor (setlər)

noun

  1. a person who makes a settlement of property
  2. a person who creates a trust by conveying property to a trustee; trustor
settlor Law Definition

n

Someone who creates a trust by making a settlement of property, real or personal. See also donor and trustor.
settlor Usage Examples

Converse of object

  • become: There are also provisions to clawback hold over relief where a gift is made to a trust which subsequently becomes settlor interested.
  • allow: Electing into GWR and then terminating the trust Para 22 of Sch 15 allows the settlor to make a GWR election.

Converse of subject

  • create: The AEA is divided where there are several trusts created by the same settlor.
  • make: Does the cumulative total include PETs made by the settlor?

Adjective modifier

  • same: The AEA is divided where there are several trusts created by the same settlor.
  • many: The initial reaction of many Settlors is to name the trust after their family.

Modifies a noun

  • trust: This has been achieved by using a reverter to settlor trust.
  • charge: If the settlor charge applies the settlor is charged in respect of the gains arising under these rules.

Noun used with modifier

  • trust: Currently, a trust settlor can set up a trust and need not make the beneficiaries aware of its existence.

Possessives

  • spouse: If the life tenant is the settlor's spouse, then the PET will be an exempt transfer under IHTA 1984 s 18.
  • estate: The executors of the settlor's estate would have several options.
  • income: They will therefore be treated as the settlor's income in appropriate cases.
  • wife: Neither the settlor's wife nor their issue were represented.
  • death: On the settlor's death any outstanding loan will form part of the settlor's estate for IHT purposes.
  • office: The settlor's tax office will deal with any tax overpaid.

Preposition: in

  • case: The beneficiaries are the only ones entitled to bring legal action against the Trustee, not the Settlor in this case.

Preposition: of

  • trust: I am the settlor of a non-resident trust - can I set my personal capital losses against the trust gains attributed to me?