Ohio Memorandum of Trust Agreement
Description
How to fill out Memorandum Of Trust Agreement?
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FAQ
Under O.R.C. 5301.255, the memorandum of trust is a document that certifies a trustee has the authority to act on behalf of an existing trust. The trustee is the person or entity who holds title to a trust's assets on behalf of a settlor.
A certificate of trust ? also called a ?trust certificate? or ?memorandum of trust? ? is a legal document that's often used to prove (or ?certify?) a trust exists and to provide information about its important terms.
Memorandum of Trusts Are Typically Comprised of the Following The name of the Trust. The date the Trust was established. The fact that you're the Trustmaker. The name of the initial Trustee. The name of the Successor Trustee(s) The identities of those who signed the Trust Agreement. The powers given to the Trustee.
In Ohio, these are the requirements to make the following documents valid: Trust-Signed at the end by the Settlor and, typically, the Settlor's signature is witnessed and signed by two (2) disinterested witnesses and/or executed by the Settlor in the presence of a Notary Public.
The Memorandum of Trust is used in place of the actual trust to identify the grantor and trustees as well as the basic details of the trust. A Certification of Trust is similar to the Memorandum of Trust however a Certification of Trust does not need to be recorded.
The execution of a valid trust requires that the settlor have capacity and intent to create a trust, the trust must have a definite beneficiary, and a trustee must be designated and given duties to perform. A trust does not need to be witnessed or notarized.
Ohio title rules require that evidence of the trustee's identity, powers, etc. first be recorded on the record. Your Memorandum of Trust fulfills that requirement. It will be recorded in the real estate records prior to the new legal instrument(s) to show that the trustee is able to complete this transaction.
A Certificate of Trust may need to be recorded in the county that any real property is in. That said, if there's no real property owned by the Trust, there may not be any need to record it.
