Probate Court - Lake County, Ohio
Trusts
| Definition |
A trust is the right, enforceable solely in equity, to the beneficial enjoyment of property to which another person holds the legal title. For a trust to be valid, it must involve specific property, reflect the settlor’s intent, and be created for a lawful purpose.
- Black's Law Dictionary
Application to appoint a testamentary trustee must include list of trust beneficiaries, copy of will, and bond (twice the amount). Hearing will be scheduled to appoint trustee. After appointment, a trust inventory report is due in three (3) months. After appointment, a trust account is due annually. |