Solomon, Steiner & Peck, Ltd.
Call today for a consultation:
216-245-0185 / 866-642-0932

The role of the settlor in trust planning

Wills are a common estate planning tool with which most people have some degree of familiarity. Trusts, on the other hand, might not be as well known, but an Ohio resident meeting with an estate planning attorney should have some knowledge of them because they can play an important role in an estate plan.

The person who creates a trust is the settlor. Settlors are responsible for having trust documents prepared and signed. Once the trust is set up, it is the settlor's job to fund the trust by transferring money and other assets into it. The role played by the settlor of a trust after its creation depends upon the type of trust that has been set up.

The settlor of an irrevocable trust does not have the ability to amend or alter its terms once it has been created. The trustee has the responsibility for managing the trust in accordance with its terms as reflected in the original trust agreement that established it. Although the settlor does not retain the right to amend, revoke or alter the terms of an irrevocable trust, it is the settlor's wishes as reflected in the trust agreement that guide the management of the trust.

Revocable trusts provide more of an opportunity for a settlor to assert more control over the management of a trust. Settlors of revocable trusts retain the power to alter the terms of the trust agreement or to cancel the trust. A revocable trust, which is commonly referred to as a living trust, often has the settlor taking on the role of the trustee.

Deciding whether a revocable trust or an irrevocable trust is best suited for managing an individual's wealth and for asset protection depends upon the unique needs and wishes of the settlor. An estate planning attorney might be the best source for guidance in determining the elements appropriate to a particular estate plan.

No Comments

Leave a comment
Comment Information

2005 BBB Torch Award Recipient Recipients of the 2005 BBB Torch Award Honoring Business of Integrity

  • ASNP
  • CMBA Green Certified 2107-19
  • member of the national eldercare matters Alliance
  • Golden opportunities

We are here to help. Contact our attorneys today.   

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Mayfield Heights Office
6105 Parkland Boulevard
Suite 140
Mayfield Heights, OH 44124

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Mayfield Heights Law Office Map

Independence Office
6100 Oaktree Blvd.
Suite #200 - Park Centre 1
Independence, OH 44131

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Westlake Office
PS Executive Centers
1991 Crocker Road
Suite 600
Westlake, OH 44145

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Mentor Office
5966 Heisley Road
Ste 201
Mentor, OH 44060

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Review Us