Property Ownership
Under Ohio law, which type of ownership interest is created when a property is held by an irrevocable trust?
AThe trustor (grantor) retains fee simple ownership
BLegal title is held by the trustee for the benefit of the beneficiaries✓ Correct
CThe beneficiaries hold legal title
DThe trust company becomes the fee simple owner
Explanation
In a trust, the trustee holds legal title to property for the benefit of the beneficiaries, who hold equitable (beneficial) title. In an irrevocable trust, the grantor gives up control and cannot revoke the trust.
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