Who is the settlor?

A settlor is an unrelated party to the trust.

For example, an accountant/lawyer or close friend.

The only role of the settlor is generally to settle the trust with a nominal amount (i.e. $10. Once this has been done, the settlor does not have any further involvement in the trust. A settlor should never be a beneficiary of the trust. The settlor does not need to reside in Australia. However, the settlor must be present when the trust deed is settled because he/she is responsible for the trust property becoming vested in the trustee. 

 

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