Most people dont read law dictionaries in their spare time and terminology can get a bit confusing when it comes to trusts. Luckily, heres a quick lesson:
A settlor is a person who creates a trust for their assets. They can also be known as a testator or a donor. The settlor can name themselves or another as the trustee of the trust.
The trustee is in charge of distributing assets to the beneficiaries after the death of the settlor or according to the trust.
A beneficiary is a person who receives assets from a trust or will.
Moral of the story: Make sure you learn the terminology before beginning the process.
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