The settlor (also less commonly known as the donor, grantor, trustor or trust-maker) lays the foundation of a trust, they open or start the trust. Their role is to legally transfer control of an asset to a trustee, who then manages it for one or more beneficiaries.
Often, the settlor and the trustee are the same person. For example, if you wish to start a trust for your children, you would be able to manage the trust until they come of age to benefit from the trust. However, it would sometimes be advisable to use a professional trustee to manage the assets for the children in case anything should happen to you before your children come of age to benefit from the trust.
The typical next question we have from people is: what sort of things can I put into a trust? The answer is simple: anything. The family home, money, stocks… anything you feel needs to be managed.
LR Connections provides expert independent financial advice, accountancy and estate planning services
