In estate planning, a Settlor is the person who creates a trust. You may also hear the terms Grantor or Trustor. They all refer to the same role.
What Does the Settlor Do?
The Settlor is responsible for:
Establishing the trust by creating and signing the trust agreement
Deciding which assets to place in the trust
Naming the Trustee, beneficiaries, and other roles
Setting the rules and instructions for how the trust should be managed and distributed
As the Settlor, you maintain full control over the trust while you're alive. You can make changes, add assets, or revoke the trust at any time, as long as you're mentally capable.
→ Related: What Is a Revocable Living Trust?
Can There Be More Than One Settlor?
Yes. In a Joint Trust, such as one created by a married couple, both spouses are co-Settlors. They jointly manage and control the trust and can make changes together while both are living.
Settlor vs. Trustee: What’s the Difference?
The Settlor creates the trust and defines the rules.
The Trustee manages the trust according to those rules.
In many cases, especially with Revocable Living Trusts, the Settlor is also the initial Trustee, so you’re in charge of your own trust while you're alive.
→ Learn more: What Is a Trustee?