A settlement is an agreement that ends a dispute and results in the voluntary dismissal of any related litigation. Regardless of the exact terms, many parties choose to keep their settlement agreements private.
In business law, a settlement is the payment, satisfaction, and closing of an account.
In wills and estates, a settlement is the complete execution of an estate by the executor
A settlement is also the conveyance of property interests to beneficiaries in a way that alters what they would receive as heirs under statutes of descent and distribution.
[Last updated in June of 2024 by the Wex Definitions Team]