Definition of Trustor:
A trustor is an individual or organization that gifts funds or assets to others. Trustors do this by transferring his or her fiduciary duty to a third-party trustee, who maintains the assets for the benefit of the beneficiaries.
Also referred to as a grantor, the trustor is the party that generally donates or gifts assets to others.
Entity that establishes a trust and place property under the protection and management of one or more trustees for the immediate or eventual benefit of ascertainable one or more beneficiaries. It is not always necessary to identify the trustor who may be also be a trustee and/or one of the beneficiaries. In legal parlance, a trustor is called a settlor in the UK and a grantor in the US, whereas in common usage he or she may also be called a creator, donor, initiator, owner, or Trust maker.
How to use Trustor in a sentence?
- You should make sure that you believe any trustor before you ever get to involved in them in a business sense.
- The trustor wisely designated a long term payout for the beneficiary who has shown fiscal irresponsibility while allowing a lump payment to the beneficiary who has shown prudence.
- He was appointed trustor to establish a trust that manage and protect property for the beneficaries of his business partner.
Meaning of Trustor & Trustor Definition