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Settlor: the owner of the property.
When he creates the Trust, he transfers his assets into the Trust.
Trustee: manages the Trust and takes care of the assets.
The Settlor and the Trustee are often the same person, while the Trustee is still alive and can manage his affairs.
Beneficiaries: the people (or entity) that benefits from the Trust when the Trust assets are distributed.
The Trust can be distributed all at once after a particular event (e.g. the death of the Settlor), or the Trust assets can be distributed over time (e.g. at age 18, 25, 35, etc.).
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