The Ohio Trust Code permits the creation of an agreement that is binding on the trustee, the settlor (if the settlor is a party), all the beneficiaries, creditors who are parties to the agreement, and their heirs, successors, and assigns.29 The parties who may enter into a private settlement agreement are:
It is important to note that a representative may serve in place of a party, as provided in the representation provisions of Chapter 5803. A trustee entering into a private settlement agreement represents only the trustee’s individual or corporate interests, not the interests of the settlor or any of the beneficiaries.31 Virtual representation applies to the .
