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Lessons for Trustees and Beneficiaries Part I – What is a Trust and Who Has to Know About it?

What is a Trust?

A Trust is a legal document that sets out the rules for the transfer of property (Ie. When the property will be distributed, How much, To whom, etc.). The person who creates the trust and is seeking to transfer his property is called the Settlor or Grantor.  The person who holds onto the property is called a Trustee and the person who is to benefit from the property is the Beneficiary. 

Who Has to Know About a Trust?

According to Ohio Law, unless the Trust says otherwise, a Trustee must keep all current beneficiaries of a Trust informed about the administration of the Trust.  If a … Read the rest