What is a Settlor?
The settlor, in the case of a life insurance policy being placed in trust, is the owner of the policy, known, unsurprisingly, as the policy owner.
In 'insurance speak', the policy owner is also known as the grantee.
For life insurance policies placed in trust, the policy owner is almost always also the sole insured person.
The settlor appoints trustees. Depending upon an individual trust wording, the settlor may or may not automatically be an ongoing trustee.
If the wording of an individual trust form does not provide for the settlor to automatically become a trustee, the settlor can appoint himself/herself as a trustee.
