Milotic is not a sweeper, so giving it a Timid nature and speed EVs are a waste, and so are more than 36-56 SAtk EVs. It needs Bold nature, along with max hp and max or nearly max defense (depending if you want to give it any SAtk or maybe SDef EVs), so that it can switch in on stuff like Metagross and Salamence on NB and in link battles with ease, but could be more useful even in-game than giving it max SAtk and Spd..
As for the moveset, Ice Beam/Recover/Surf/[Hypnosis/Toxic/Light Screen] or Rest/Sleep Talk/Surf/Toxic both work well enough.. Giving it Safeguard or Refresh is just a waste of a moveslot, considering that you actually want it to get statused because of its trait which boosts its defense by 1.5 when its statused..
np: A Perfect Circle - 3 Libras
Have a nice day.