12:49
And said she’s gonna use those terms to her colleagues
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Simple English definitions for legal terms
trustor
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A quick definition of trustor:
Term: Trustor
Definition: A trustor is someone who creates a trust. This means they give their assets or property to someone else, called a trustee, to manage and use for the benefit of someone else, called a beneficiary. Think of it like giving your toys to a babysitter to take care of while you're away. The trustor is also sometimes called a settlor.
A more thorough explanation:
Definition: The trustor is the person who creates a trust. They are also known as the settlor or grantor.
Example: John creates a trust and transfers his assets into it. He is the trustor or settlor of the trust.
The trustor is the person who sets up the trust and decides what assets will be included in it. They also determine the terms and conditions of the trust, such as who the beneficiaries are and how the assets will be distributed. The example illustrates how John is the trustor because he created the trust and transferred his assets into it.