In trust law, a settlement is a deed (also called a trust instrument) whereby real estate, land, or other property is given by a settlor into trust so the beneficiary has the limited right to the property (for example, during their life), but usually has no right to sell, bequeath or otherwise transfer it.
A settlement in trust law is essentially a legal agreement where a donor transfers ownership of real estate, land, or other assets into a trust, allowing a beneficiary to have limited control over the property (e.g., for their lifetime), but restricting their ability to dispose of it.