A Settlor, Trustor, or Grantor all mean the person who creates the trust.
A Trustee is the person who manages the trust.
A Beneficiary is the person who receives the benefit of the trust, this is the person for whom the trust is established for.
You or you and your spouse can be all three: Settlor, Trustee, and Beneficiary of the trust. You and your spouse can be both the Settlors, Trustees (managers), and Beneficiaries of your trust. If you are single, you alone could be the Settlor, Trustee (manager), and beneficiary of your trust.
Note: The above is general information and you should consult with an attorney to answer your personal questions and to have your estate plan drafted.