A settlement in
trusts law is a
deed
In common law, a deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed. It is commonly associated with transferrin ...
(also called a
trust instrument A trust instrument (also sometimes called a deed of trust, where executed by way of deed) is an instrument in writing executed by a settlor used to constitute a trust. Trust instruments are generally only used in relation to an ''inter vivos'' tr ...
) whereby
real estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more genera ...
,
land
Land, also known as dry land, ground, or earth, is the solid terrestrial surface of the planet Earth that is not submerged by the ocean or other bodies of water. It makes up 29% of Earth's surface and includes the continents and various isla ...
, or other property is given by a
settlor into
trust so the
beneficiary
A beneficiary (also, in trust law, '' cestui que use'') in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person ...
has the limited right to the property (for example, during their life), but usually has no right to sell, bequeath or otherwise transfer it. Instead the property devolves as directed by the settlement.
History
In most jurisdictions, settlements only confer beneficial rights under a trust. They were formerly used to create
legal estates for life or
in tail, or to make provision for portions for younger children.
See also
*
English trust law
*
Settled Land Acts
*
Trust Law
A trust is a legal relationship in which the holder of a right gives it to another person or entity who must keep and use it solely for another's benefit. In the Anglo-American common law, the party who entrusts the right is known as the " sett ...
External links
*
Wills and trusts
Equity (law)
Legal documents
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