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What is The Role of A Settlor?

 

A Settlor is a person who has been given the mandate of settling property in discretionary trust acts for the interest of the beneficiaries. Typically, the person has the role of making a gift on the decided sum; for instance, the nominal amounts which have been paid through checks, after himself and the Trustees have signed the Deed.

Naturally, anyone can be appointed as a Settlor, including solicitors, accountants or a close family friends, as long as he or she is of right mind. However, if the person, whether directly or indirectly, will be a potential beneficiary in the agreement, he or she cannot qualify to be selected.

Additionally, for you to be appointed as a Settlor, you must have attained eighteen years of age.

The responsibility of the Settlor in a Trust Agreement comes to an end after the trustees, together with the trustor, signs the Deed, and once the amount settled is deposited to the trustees’ accounts.

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