Ohio Notary Practice Exam

Who signs a memorandum of trust?

1. Settlor and beneficiary

2. Settlor and trustee

3. Trustee and notary

4. Beneficiary and notary

The correct answer is: Settlor and trustee

A memorandum of trust is a shortened version of the trust document that contains the essential information about a trust, such as the name and date of the trust and the names of the settlor, trustee, and beneficiaries. The settlor is the person who creates the trust and provides the assets to be managed by the trustee. The beneficiary is the person who will benefit from the trust. A notary is a public official who verifies the authenticity of legal documents. Therefore, options A, C, and D are incorrect as they do not include the necessary parties who are involved in creating and managing a trust. Only the settlor and trustee are required to sign a memorandum of trust.