What is a Trust? back to top

A trust is the right to the beneficial enjoyment of property of which legal title is in another. Its distinguishing feature concerns the fiduciary relationship created under the trust, in which one person (the trustee) is the holder of the legal title to the property held by the trust, where the trustee is bound to keep or use the property for the benefit of another (the beneficiary). The person who creates the trust is called the settlor, grantor, donor, or trustor. There are many different kinds of trusts that may have many different purposes such as providing income to a spouse, protecting a beneficiary from creditors, or benefiting a charity or the public good. If a trust is established in the probate court, the trustee must file an inventory and also an accounting of the trust's administration every year, oir bi-annually if approved by the Court.

What is a Testamentary Trust? back to top

If the trust becomes effective after the death of the settlor, the trust is called a testamentary trust. Ohio law gives the probate court the exclusive power to direct and control the conduct of testamentary trustees.

What is a Living / Intervivos trust? back to top

If the trust becomes effective during the lifetime of the settlor, it is called an intervivos trust. An inter intervivos trust is also known as a living trust. A probate court also has concurrent power with the other courts to hear any action involving an intervivos trust.

back to top