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A settlement in trusts law is a deed (also called a trust instrument) whereby real estate, land, or other property is given by a settlor into trust so that the beneficiary only has the limited right to the property (for example during their life), but usually has no right to transfer the land to another or leave it in their own will. Instead the property devolves as directed by the settlement.
Today, in most jurisdictions, settlements only confer beneficial rights under a trust, but formerly they were used to create legal estates for life or in tail, also to make provision for portions for younger children.