I have seen some unit trust deeds with a settlor. Why aren't your unit trust deeds settled by a settlor?
Most unit trust deeds (like ours) do not have a settlor, although some do. By way of contrast, a discretionary trust deed must have a settlor.
This is largely to do with the payment of the initial amount that is required to establish a trust. For a unit trust, this amount is generally paid by the initial unitholders, in return for the units that are issued to them. The initial unitholders therefore in a sense fulfil the “settlor” role for unit trusts.
A discretionary trust has beneficiaries, rather than unitholders, and so it is necessary for a settlor to pay a nominal amount to establish a discretionary trust.
Also, discretionary trusts, which have been around for much longer than unit trusts, have traditionally been “settled” by a person (the settlor) who wishes to establish the trust.