A trust is a legal entity created by a person known as the trustor, grantor, or settlor who owns assets (cash, stocks, bonds, real estate, art, jewelry, machinery, etc.) and transfers ownership of the assets to the trust—while directing a person or entity known as the trustee to hold and manage the assets for the benefit of a certain person or persons, or classification of persons (descendants) known as the beneficiary or beneficiaries. The assets or property in a trust are sometimes referred to by the Latin word res (pronounced “rays”).

Beneficiaries are often descendants or heirs of the trustor, grantor, or settlor, but in some states (and other countries) the trustor, grantor, or settlor may be the beneficiary—and in that case the trust is known as a self-settled trust.

A trust is generally created when a trustor, grantor, or settlor shows or manifests an intent to create a trust by signing or executing a written trust agreement that is also signed by the trustee.

In Ohio, a trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts are commonly used for estate planning to provide legal protection for the trustor's assets, to ensure those assets are distributed according to the trustor's wishes, and to potentially avoid probate. Ohio law recognizes various types of trusts, including living trusts, testamentary trusts, and self-settled trusts. The creation of a trust in Ohio typically requires a clear expression of the trustor's intent to create the trust, the appointment of a trustee, and the identification of a beneficiary or beneficiaries. The trust is established through a written trust agreement, which outlines the terms under which the trustee will manage and distribute the assets. Ohio's Trust Code, found in Title 58 of the Ohio Revised Code, provides the legal framework for the creation and administration of trusts within the state. It is important for the trust agreement to comply with Ohio law to ensure that the trust operates as intended and provides the desired benefits to the beneficiaries.