are common questions that have often been posed to our office:
What is a Trust?
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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.