In the context of trusts, a settlement is a deed

Deed

A deed is any legal instrument in writing which passes, or affirms or confirms something which passes, an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions sealed...

 (also called a trust instrument

Trust instrument

A trust instrument is an instrument in writing executed by a settlor used to constitute a trust...

) whereby real estate

Real estate

In general use, esp. North American, 'real estate' is taken to mean "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; an item of real property; buildings or...

, land

Real property

In English Common Law, real property, real estate, realty, or immovable property is any subset of land that has been legally defined and the improvements to it made by human efforts: any buildings, machinery, wells, dams, ponds, mines, canals, roads, various property rights, and so forth...

, or other property is given by a settlor

Settlor

In law a settlor is a person who settles property on trust law for the benefit of beneficiaries. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. Where the trust is a testamentary trust, the settlor is usually referred to as the testator...

 into trust

Trust law

In common law legal systems, a trust is a relationship whereby property is held by one party for the benefit of another...

 so that the beneficiary

Beneficiary

A beneficiary 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 who receives the payment of the amount of insurance after the death of the insured...

 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

Entail

Entail may refer to:* Fee tail, a term of art in common law describing a limited form of succession....

, also to make provision for portions for younger children.

For detailed discussion, see Trust Law

Trust law

In common law legal systems, a trust is a relationship whereby property is held by one party for the benefit of another...