How is a trust defined under Ohio law?

A trust under Ohio law is defined as an arrangement where one party, known as the trustee, holds property for the benefit of another party, called the beneficiary. This definition highlights the fiduciary relationship where the trustee has a legal obligation to manage the trust property in the best interest of the beneficiaries according to the terms set out in the trust document. This concept is well-established in Ohio’s trust law, encompassing various types of trusts that can serve different purposes, such as estate planning or asset protection.

The other options do not accurately capture the legal definition of a trust. A shared ownership agreement for real estate refers to a different legal arrangement that involves co-ownership rather than the fiduciary aspect of a trust. Similarly, a legal strategy for minimizing taxes pertains to tax law and does not encompass the broader fiduciary and property management aspects inherent to trusts. Lastly, a financial investment with guaranteed returns is more aligned with investment products rather than the legal and relational structure that defines a trust. Thus, the definition of a trust as an arrangement where one party holds property for the benefit of another accurately reflects the principles set forth in Ohio law.