Ohio Rev. Code § 5816.04 — Ohio Revised Code / Title 58 / Chapter 5816 / § 5816.04
§ 5816.04. Limits to transferor's authority
Status: in_force

March 27, 2013 House Bill 479 - 129th General Assembly To the extent conferred by the governing legacy trust instrument, a transferor to a legacy trust may have any or all of the rights, powers, and interests described in section 5816.05 of the Revised Code. A transferor shall have no rights, powers, or interests in, over, to, or regarding the corpus or income of a legacy trust unless those rights, powers, or interests are granted, permitted, or recognized by both section 5816.05 of the Revised Code and the governing legacy trust instrument. Any written, verbal, tacit, express, or implied agreement or understanding or any other agreement or understanding purporting to grant, permit, or recognize any greater rights, powers, or interests than are provided in this section or the governing legacy trust instrument is void. Any portion of a legacy trust instrument that is not voided under this section shall remain valid and effective.
Ohio Rev. Code § 5801.12 — Ohio Revised Code / Title 58 / Chapter 5801 / § 5801.12
§ 5801.12. Children born through the use of assisted reproductive technologies
Status: in_force

March 14, 2017 Senate Bill 232 - 131st General Assembly (A) As used in this section: (1) "Assisted reproductive technologies" means any medical or scientific technology or method designed to assist one or more persons to cause a pregnancy through means other than by sexual intercourse, including technologies that are developed after the date of this amendment. (2) "Trust" includes a revocable or irrevocable trust. (B) Notwithstanding any other section of the Revised Code, this section governs the beneficial rights under a trust of any child born through the use of any assisted reproductive technologies, and also applies to the exercise of any power of appointment granted under a trust instrument or any other power to otherwise expand the class of beneficiaries under a trust instrument. (C) No child of a settlor born through the use of any assisted reproductive technologies more than three hundred days after the date of death of the settlor of a trust instrument s hall be considered the settlor's child under that trust instrument, under the exercise of any power to appoint trust assets in favor of the settlor's children, or under the exercise of any other power to otherwise expand the class of beneficiaries under the trust instrument, unless the terms of the trust clearly provide otherwise. No other person born through the use of any assisted reproductive technologies more than three hundred days after the date of the event that caused a class of beneficiaries to close under the terms of a trust shall be included in that class unless the terms of the trust clearly provide otherwise. (D)(1) If the terms of a trust provide for a child or other person born through the use of assisted reproductive technologies and further provide for a time period in which that child or other person must be born in order to benefit under the terms of the trust, that time period shall apply in order for the child or other person to benefit under the terms of the trust, subject to a maximum time period of five years from the date of death of the settlor or the date of the event that caused a class of beneficiaries to close, whichever is applicable. (2) If the terms of a trust provide for a child or other person born through the use of assisted reproductive technologies but do not provide for a time period in which that child or other person must be born in order to benefit under the terms of the trust, that child or other person must be born within a period of one year and three hundred days from the date of death of the settlor or the date of the event that caused a class of beneficiaries to close, whichever is applicable, in order for the child or other person to benefit under the terms of the trust.
Ohio Rev. Code § 5809.07 — Ohio Revised Code / Title 58 / Chapter 5809 / § 5809.07
§ 5809.07. Language invoking standard of act
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted by the Ohio Uniform Prudent Investor Act: "investments permissible by law for investment of trust funds"; "legal investments"; "authorized investments"; "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds considering the probable income as well as the probable safety of their capital"; "prudent man rule"; "prudent trustee rule"; "prudent person rule"; and "prudent investor rule."
Ohio Rev. Code § 5817.10 — Ohio Revised Code / Title 58 / Chapter 5817 / § 5817.10
§ 5817.10. Declaration of validity
Status: in_force

March 22, 2019 House Bill 595 - 132nd General Assembly (A)(1) The court shall declare the will valid if it finds all of the following: (a) The will was properly executed pursuant to section 2107.03 of the Revised Code or under any prior law of this state that was in effect at the time of execution. (b) The testator had the requisite testamentary capacity, was free from undue influence, and was not under restraint or duress. (c) The execution of the will was not the result of fraud or mistake. (2) After the testator's death, unless the will is modified or revoked after the court's declaration under division (A)(1) of this section, the will has full legal effect as the instrument of the disposition of the testator's estate and shall be admitted to probate upon request. (B)(1) The court shall declare the trust valid if it finds all of the following: (a) The trust meets the requirements of section 5804.02 of the Revised Code. (b) The settlor had the legal capacity to enter into and establish the trust, was free from undue influence, and was not under restraint or duress. (c) The execution of the trust was not the result of fraud or mistake. (2) Unless the trust is modified or revoked after the court's declaration, the trust has full legal effect. (C) The court may, if it finds the will or trust to be valid, attach a copy of the valid document to the court's judgment entry, but failure to do so shall not affect the determination of validity of the will or trust.
Ohio Rev. Code § 5808.18 — Ohio Revised Code / Title 58 / Chapter 5808 / § 5808.18
§ 5808.18. Trustee's power to make distributions in further trust
Status: in_force

March 27, 2013 House Bill 479 - 129th General Assembly (A) Unless the trust instrument expressly provides otherwise and subject to the limitations set forth in this section, all of the following apply: (1) If a trustee of a trust, referred to in this section as the "first trust," has absolute power under the terms of the first trust to make distributions of principal to one or more current beneficiaries, that trustee may exercise that power by distributing all or any part of the principal subject to the power, and all or any part of any income that is not otherwise currently required to be distributed, to the trustee of another trust, referred to in this section as the "second trust," that is for the benefit of one or more current beneficiaries of the first trust. The second trust may be a trust under the trust instrument for the first trust or under a different governing instrument, including a governing instrument created by the trustee of the first trust. A trustee of a first trust who is authorized to make distributions to the trustee of a second trust pursuant to division (A) of this section may do so at any time, whether or not the trustee of the first trust would otherwise have made a distribution at that time to, or for the benefit of, any beneficiary pursuant to the terms of the first trust. (2) In determining whether a trustee has absolute power to make distributions of principal to any current beneficiary and the identity of the current beneficiaries, all of the following apply: (a) An absolute power to distribute principal includes any power to make distributions of principal that is not limited by reasonably definite standards or ascertainable standards, whether or not the word "absolute" is used in the trust instrument. (b) A power to make distributions of principal for purposes that include best interests, welfare, comfort or happiness, or words of similar import, if not otherwise limited by reasonably definite standards or ascertainable standards, constitutes an absolute power not limited by reasonably definite standards or ascertainable standards, regardless of any requirement to take into account other resources of the current beneficiary or beneficiaries to whom those distributions may be made. (c) If the current beneficiaries of the first trust are defined, in whole or in part, as a class of persons, that class includes any person who falls within that class of persons after the distribution to the second trust. (d) A power to make distributions for the benefit of a beneficiary is considered a power to make distributions to that beneficiary. (3) If property is distributed pursuant to the authority described in division (A) of this section, the governing instrument for the second trust may do either or both of the following: (a) Grant a power of appointment to one or more of the beneficiaries for whose benefit the property was so distributed, including a power to appoint trust property to the power holder, the power holder's creditors, the power holder's estate, the creditors of the power holder's estate, or any other person, whether or not that person is a beneficiary of the first trust or the second trust; (b) Provide that, at a time or upon an event specified in that governing instrument, the remaining trust property shall thereafter be held for the benefit of the beneficiaries of the first trust upon terms and conditions that are substantially identical to the terms and conditions of the trust instrument for the first trust, except that any current beneficiary or beneficiaries for whose benefit the property could have been, but was not, so distributed may be excluded from having any beneficial interest in the second trust. (4) For purposes of division (A)(3) of this section, "terms and conditions" refer only to those terms and conditions that govern the interests of the beneficiaries. (5) For purposes of division (A) of this section, charitable organizations that are not expressly designated in the terms of the first trust to receive distributions but to which the trustee of the first trust, in the discretion of the trustee, or in the discretion of any other person directing the trustee and acting in a fiduciary capacity, may at any time make a distribution, are considered beneficiaries of the first trust. (B) Unless the trust instrument expressly provides otherwise and subject to the limitations set forth in this section, a trustee of a first trust who has power, other than absolute power as described in division (A) of this section, under the terms of the first trust to make distributions of principal to one or more current beneficiaries may exercise that power by distributing all or any part of the principal subject to the power, and all or any part of any income that is not otherwise currently required to be distributed, to the trustee of a second trust. The second trust may be a trust under the trust instrument for the first trust or under a different governing instrument, including a governing instrument created by the trustee of the first trust. The power described in this division may be exercised whether or not there is a current need to distribute trust principal under any standard contained in the first trust. The exercise of a trustee's power under this division is valid only if the governing instrument for the second trust does not materially change the interests of the beneficiaries of the first trust. For purposes of this division, a power to make distributions for the benefit of a beneficiary shall be considered a power to make distributions to that beneficiary. (C) The exercise of the power to make distributions to a second trust under division (A) or (B) of this section is subject to the following additional limitations: (1)(a) The distribution to the trustee of the second trust shall not result in the reduction, limitation, or modification of any of the following rights or interests of a beneficiary of the first trust if the right or interest has come into effect with respect to the beneficiary: (i) The current right to a mandatory distribution of income or principal of the first trust; (ii) The current mandatory annuity or unitrust interest in the property of the first trust; (iii) The right annually to withdraw a percentage of the value of the first trust or a specified dollar amount. (b) For purposes of division (C)(1)(a)(i) of this section, a beneficiary's current right to a distribution of income is not considered to be mandatory if, under the terms of the first trust, current distributions of principal may be made to any person other than that current beneficiary. (2) If any transfer to the first trust qualified, or if not for the provisions of division (A) or (B) of this section would have qualified, for a marital or charitable deduction for purposes of any federal income, gift, or estate tax under the Internal Revenue Code, or for purposes of any state income, gift, estate, or inheritance tax, the governing instrument for the second trust shall not include or omit any term that, if included in or omitted from the trust instrument for the first trust, would have prevented the first trust from qualifying for that deduction, or would have reduced the amount of the deduction, under the same provisions of the Internal Revenue Code or under the same provisions of the applicable state law under which the transfer to the first trust so qualified. (3) If any transfer to the first trust has been treated, or if not for the provisions of division (A) or (B) of this section would have been treated, as a gift qualifying for the exclusion from the gift tax described in section 2503(b) of the Internal Revenue Code, the governing instrument for the second trust shall not include or omit any term that, if included in or omitted from the trust instrument for the first trust, would have prevented any gift to the first trust from so qualifying under the same provisions of section 2503 of the Internal Revenue Code under which the transfer to the first trust so qualified. (4) If the assets of the first trust include any shares of stock in an S corporation, as defined in section 1361 of the Internal Revenue Code, and the first trust is, or if not for the provisions of division (A) or (B) of this section would be, a permitted shareholder under any provision of section 1361 of the Internal Revenue Code, the governing instrument for the second trust shall not include or omit any term that, if included in or omitted from the trust instrument for the first trust, would have prevented the first trust from qualifying as a permitted shareholder of shares of stock in an S corporation under the same provisions of section 1361 of the Internal Revenue Code under which the first trust so qualified. (5) If any transfer to the first trust has been treated, or if not for the provisions of division (A) or (B) of this section would have been treated, as a gift qualifying for a zero inclusion ratio for purposes of the federal generation-skipping transfer tax under section 2642(c) of the Internal Revenue Code, the governing instrument for the second trust shall not include or omit any term that, if included in or omitted from the trust instrument for the first trust, would have prevented the transfer to the first trust from so qualifying. (6) If the assets of the first trust include any interest subject to the minimum distribution rules of section 401(a)(9) of the Internal Revenue Code and the treasury regulations issued under that section, the governing instrument for the second trust shall not include or omit any term that, if included in or omitted from the trust instrument for the first trust, would have shortened the maximum distribution period otherwise allowable under section 401(a)(9) of the Internal Revenue Code and the treasury regulations with respect to that interest under the first trust. (7)(a) As used in division (C)(7) of this section, "tax benefit" means any federal or state tax deduction, exemption, exclusion, or other tax benefit not otherwise listed in division (C) of this section. (b) If the trust instrument for the first trust expressly indicates an intention to qualify for any tax benefit or if the terms of the trust instrument for the first trust are clearly designed to enable the first trust to qualify for a tax benefit, and if the first trust did qualify, or if not for the provisions of division (A) or (B) of this section would have qualified, for any tax benefit, the governing instrument for the second trust shall not include or omit any term that, if included in or omitted from the trust instrument for the first trust, would have prevented the first trust from qualifying for that tax benefit. (8) The distribution to the trustee of the second trust shall not result in either of the following: (a) An increase in, or a change in the method of determining, the compensation of the trustee unless the increase in, or change in the method of determining, that compensation has been consented to by all of the persons, other than the trustee of the second trust, who are current beneficiaries of the second trust or is approved by the court having jurisdiction over the trust. However, an increase in compensation of the trustee arising solely because the duration of the second trust is longer than the duration of the first trust is not considered an increase in, or a change in the method of determining, the compensation of the trustee. (b) A reduction in the standard of care applicable to the actions of the trustee of the first trust or the second trust or an exoneration of the trustee of the first trust or the second trust from liability for actions taken in bad faith or with willful disregard of the duties of either trustee, including by increasing the extent to which the trustee is entitled to indemnification from the trust, as provided in the terms of the first trust and under any law of this state. (D) The exercise of the power to distribute trust income or principal to the trustee of a second trust under division (A) or (B) of this section shall be by an instrument in writing, signed by the trustee of the first trust and filed with the records of the first trust. (E) The power to distribute trust income or principal to the trustee of a second trust under division (A) or (B) of this section shall not be exercised in a manner contrary to any provision of section 2131.08 of the Revised Code to the extent applicable to the first trust and after applying the provisions of section 2131.09 of the Revised Code to the extent applicable to the first trust. Solely for purposes of applying under this division the provisions of sections 2131.08 and 2131.09 of the Revised Code, the exercise of the power to distribute trust income or principal to the trustee of a second trust under division (A) or (B) of this section is considered the exercise of a nongeneral power of appointment as defined in division (F) of section 2131.09 of the Revised Code. (F) The trustee of the first trust shall notify all current beneficiaries of the first trust, in writing, of the intended distribution to the trustee of a second trust pursuant to division (A) or (B) of this section not later than thirty days prior to that distribution. The distribution may be made prior to the expiration of thirty days from the date on which that notice is given to all current beneficiaries of the first trust if all of those current beneficiaries waive the thirty-day period from receipt of that notice. The trustee's giving of notice of an intended distribution under this division or the waiver or expiration of that thirty-day period from receipt of the notice do not limit the right of any beneficiary to object to the exercise of the trustee's power to distribute trust principal as provided in any other applicable provision of the Ohio Trust Code. (G) Any person, other than the trustee, who has a power exercisable in a fiduciary capacity to direct the trustee to make any distribution of principal that, if held by the trustee, would be a power to make a distribution as described in division (A) or (B) of this section, may exercise that power by directing the trustee to make a distribution under either division (A) or (B) of this section, whichever would be applicable if that person were the trustee, subject to all of the limitations described in this section that apply to a trustee's exercise of that power. (H) The exercise of the power to distribute trust income or principal to the trustee of a second trust under division (A) or (B) of this section is not prohibited by a spendthrift clause or a provision in the trust instrument that prohibits the amendment or revocation of the trust. (I) For purposes of division (A) of section 5808.14 of the Revised Code, a trustee who acts reasonably and in good faith in exercising the power to distribute trust income or principal to the trustee of a second trust in accordance with division (A) or (B) of this section, is presumed to have acted in accordance with the terms and purposes of the trust and the interests of the beneficiaries. (J) Nothing in this section is intended to create or imply a duty to exercise a power to distribute income or principal of a trust, and no inference of impropriety shall arise as a result of a trustee not exercising the power to make any distribution to the trustee of a second trust under division (A) or (B) of this section. (K) If the first trust is a testamentary trust established under the will of a testator who was domiciled in this state at the time of the testator's death, the power to distribute trust income or principal to the trustee of a second trust under division (A) or (B) of this section may be exercised only if approved by the court, if any, that has jurisdiction over the testamentary trust. (L) Divisions (A) and (B) of this section do not apply to either of the following: (1) Any trust during any period that the trust may be revoked or amended by its settlor; (2) Any trustee with respect to any portion of the first trust as to which that trustee is also the settlor. (M) If, and to the extent that, a trustee makes any distribution pursuant to division (A) or (B) of this section to the trustee of a second trust, then for purposes of division (W) of section 5801.01 of the Revised Code, the governing instrument for the second trust is considered to be an amendment of the trust instrument signed by the settlor of the first trust, even if that governing instrument is signed by a person other than that settlor. (N) Nothing in this section shall be construed to limit the power of any trustee to distribute trust property in further trust, whether that power arises under the terms of the trust instrument, under any other section of Title LVIII of the Revised Code, under any other statute, or under the common law. The terms of a trust instrument may do any of the following: (1) Confer upon the trustee the power to make any distribution, or confer upon any other person acting in a fiduciary capacity the power to direct the trustee to make any distribution, in further trust that is broader or more limited than, or that conflict with, the provisions of this section; (2) Provide for different requirements for notice to beneficiaries of the trust of the trustee's exercise of the power conferred under the terms of the trust instrument or described in division (A) or (B) of this section; (3) Waive any requirement of notice to the beneficiaries of the trust of the trustee's exercise of the power conferred under the terms of the trust instrument or described in division (A) or (B) of this section; (4) Otherwise include any terms and conditions governing the distribution in further trust that the settlor of the trust determines. (O)(1) Division (A) of this section is intended to be a codification of the common law of this state in effect prior to March 22, 2012, and applies to distributions, whenever made, from any trust that is governed by the law of this state or that has its principal place of administration in this state, whether that trust was created before, on, or after March 22, 2012. (2) Division (B) of this section applies to distributions made on or after March 22, 2012, from any trust that is governed by the law of this state or that has its principal place of administration in this state, whether that trust was created before, on, or after March 22, 2012.
Ohio Rev. Code § 5814.09 — Ohio Revised Code / Title 58 / Chapter 5814 / § 5814.09
§ 5814.09. Delayed time for delivery of custodial property
Status: in_force

April 6, 2017 House Bill 432 - 131st General Assembly (A) Subject to the requirements and limitations of this section, the time for delivery to the minor of custodial property transferred under or pursuant to division (A) of section 5814.02 of the Revised Code may be delayed until a specified time after the minor attains the age of twenty-one years, which time shall be specified in the written instrument that makes or provides for the gift or transfer pursuant to divisions (A)(1) to (9) of section 5814.02 of the Revised Code. (B) To specify a delayed time for delivery to the minor of the custodial property, the words "as custodian for __________________ (name of minor) until age _______________ (age of delivery of property to minor) under the Ohio Transfers to Minors Act," shall be substituted in substance for the words "as custodian for __________________ (name of minor) under the Ohio Transfers to Minors Act." (C) The time for delivery to the minor of custodial property transferred under a will, trust instrument, or irrevocable exercise of a testamentary power of appointment may be delayed under this section only if the governing will, trust, or exercise of the power of appointment provides in substance that the custodianship is to continue until the time the minor attains a specified age, which time shall not be later than the date the minor attains the age of twenty-five years. (D) If the custodial property is transferred by inter vivos gift and the time for delivery of the custodial property to the minor is delayed beyond the time the minor attains the age of twenty-one years, the custodian, nevertheless, shall deliver the custodial property to the minor if requested in writing by the minor within sixty days of the minor attaining the age of twenty-one years, unless the donor or transferor, in the written instrument of gift or transfer pursuant to divisions (A)(1) to (9) of section 5814.02 of the Revised Code, provides that the custodial property may not be delivered to the minor prior to attaining the specified age of delivery, which time shall not be later than the date the minor attains the age of twenty-five years. (E) If the time for delivery to the minor of custodial property is delayed until a specified time after the minor attains the age of twenty-one years and the minor dies prior to attaining that age, the custodian shall, upon the minor's death, deliver the custodial property to the estate of the minor. (F) A custodian may not commingle the assets of custodial property that have different delivery dates.
Ohio Rev. Code § 5815.35 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.35
§ 5815.35. General partners acting as fiduciary
Status: in_force

October 12, 2016 House Bill 158 - 131st General Assembly (A)(1) As used in this division, "fiduciary" means any person, association, or corporation, other than a trustee of a testamentary trust, an assignee or trustee for an insolvent debtor, or a guardian under Chapter 5905. of the Revised Code, that is appointed by and accountable to the probate court, and that is acting in a fiduciary capacity for another or charged with duties in relation to any property, interest, or estate for another's benefit. A fiduciary also includes an agency under contract with the department of developmental disabilities for the provision of protective service under sections 5123.55 to 5123.59 of the Revised Code, when appointed by and accountable to the probate court as a guardian or trustee for a person with a developmental disability. (2) A fiduciary who enters a contract as fiduciary on or after March 22, 1984, is not personally liable on that contract, unless the contract otherwise specifies, if the contract is within the fiduciary's authority and the fiduciary discloses that the contract is being entered into in a fiduciary capacity. In a contract, the words "fiduciary" or "as fiduciary" or other words that indicate one's fiduciary capacity following the name or signature of a fiduciary are sufficient disclosure for purposes of this division. (B)(1) As used in this division, "partnership" includes a partnership composed of only general partners and a partnership composed of general and limited partners. (2) Subject to division (D) of this section, an executor or administrator who acquires, in a fiduciary capacity, a general partnership interest upon the death of a general partner of a partnership is not personally liable for any debt, obligation, or liability of the partnership that arises from the executor's or administrator's actions, except as provided in this division, as a general partner, or for any debt, obligation, or liability of the partnership for which the executor or administrator otherwise would be personally liable because the executor or administrator holds the general partnership interest, if the executor or administrator discloses that the general partnership interest is held by the executor or administrator in a fiduciary capacity. This immunity does not apply if an executor or administrator causes loss or injury to a person who is not a partner in the partnership by a wrongful act or omission. This immunity is not available to an executor or administrator who holds a general partnership interest in a fiduciary capacity if the spouse or any lineal descendants of the executor or administrator, or the executor or administrator other than in a fiduciary capacity, holds any interest in the partnership. A partnership certificate that is filed pursuant to Chapter 1777. or another chapter of the Revised Code and that indicates that an executor or administrator holds a general partnership interest in a fiduciary capacity by the use following the name or signature of the executor or administrator of the words "executor under the will of (name of decedent)" or "administrator of the estate of (name of decedent)" or other words that indicate the executor's or administrator's fiduciary capacity constitutes a sufficient disclosure for purposes of this division. If a partnership certificate is not required to be filed pursuant to Chapter 1776. or 1777. or another chapter of the Revised Code, a sufficient disclosure for purposes of this division can be made by an executor or administrator if a certificate that satisfies the following requirements is filed with the recorder of the county in which the partnership's principal office or place of business is situated and with the recorder of each county in which the partnership owns real estate: (a) The certificate shall state in full the names of all persons holding interests in the partnership and their places of residence; (b) The certificate shall be signed by all persons who are general partners in the partnership, and shall be acknowledged by a person authorized to take acknowledgements of deeds; (c) The certificate shall use the words "executor under the will of (name of decedent)" or "administrator of the estate of (name of decedent)" or other words that indicate the executor's or administrator's fiduciary capacity, following the name or signature of the executor or administrator. A contract or other written instrument delivered to a party that contracts with the partnership in which an executor or administrator holds a general partnership interest in a fiduciary capacity, that indicates that the executor or administrator so holds the interest, constitutes a disclosure for purposes of this division with respect to transactions between the party and the partnership. If a disclosure has been made by a certificate in accordance with this division, a disclosure for purposes of this division with respect to such transactions exists regardless of whether a contract or other instrument indicates the executor or administrator holds the general partnership interest in a fiduciary capacity. If an executor or administrator acquires, in a fiduciary capacity, a general partnership interest, the decedent's estate is liable for debts, obligations, or liabilities of the partnership. (C) An estate that includes a general partnership interest is not liable for the debts, obligations, or liabilities of a partnership in which another estate has a general partnership interest, merely because the executor or administrator of the estates holds a general partnership interest in both of the partnerships in the executor's or administrator's fiduciary capacities. (D) Divisions (B) and (C) of this section apply to general partnership interests held by executors or administrators in their fiduciary capacities prior to and on or after March 22, 1984. If an appropriate disclosure is made pursuant to division (B) of this section, the immunity acquired under that division extends only to debts, obligations, and liabilities of the partnership arising on and after the date of the disclosure and to debts, obligations, and liabilities of the partnership that arose prior to the acquisition of the general partnership interest by the executor or administrator becoming a general partner. (E) The liability limitations in this section apply to fiduciaries as partners notwithstanding the broader personal liabilities otherwise imposed by any partnership law. (F) If an estate or other fund held by a fiduciary is identified as a partner, the reference is deemed to be to, and the partner is, the current executor, administrator, or other fiduciary of the estate or other fund and their successors as executors, administrators, or other fiduciaries.
Ohio Rev. Code § 5812.01 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.01
§ 5812.01. Uniform principal and income act definitions
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly As used in sections 5812.01 to 5812.52 of the Revised Code: (A) "Accounting period" means a calendar year unless another twelve-month period is selected by a fiduciary. "Accounting period" includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends. (B) "Beneficiary" includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. (C) "Fiduciary" means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function. (D) "Income" means money or property that a fiduciary receives as current return from a principal asset. "Income" includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in sections 5812.18 to 5812.38 of the Revised Code. (E) "Income beneficiary" means a person to whom net income of a trust is or may be payable. (F) "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require or authorize it to be distributed in the trustee's discretion. (G) "Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. (H) "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under sections 5812.01 to 5812.52 of the Revised Code to or from income during the period. (I) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, or government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. (J) "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates. (K) "Remainder beneficiary" means a person entitled to receive principal when an income interest ends. (L) "Terms of a trust" means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct. (M) "Trustee" includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.
Ohio Rev. Code § 5802.04 — Ohio Revised Code / Title 58 / Chapter 5802 / § 5802.04
§ 5802.04. Nature of action
Status: in_force

April 6, 2017 House Bill 432 - 131st General Assembly An action brought under Chapters 5801. to 5811. of the Revised Code is a civil action subject to the Rules of Civil Procedure, and unless it involves a testamentary or other trust that already is subject to court supervision, is commenced by filing a complaint.
Ohio Rev. Code § 5812.33 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.33
§ 5812.33. Liquidating asset
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) As used in this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. "Liquidating asset" includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance. "Liquidating asset" excludes a payment subject to section 5812.32 of the Revised Code, resources subject to section 5812.34 of the Revised Code, timber subject to section 5812.35 of the Revised Code, an activity subject to section 5812.37 of the Revised Code, an asset subject to section 5812.38 of the Revised Code, or any asset for which the trustee establishes a reserve for depreciation under section 5812.44 of the Revised Code. (B) A trustee shall allocate to income ten per cent of the receipts from a liquidating asset and the balance to principal.
Ohio Rev. Code § 5804.03 — Ohio Revised Code / Title 58 / Chapter 5804 / § 5804.03
§ 5804.03. Validity of nontestamentary trusts
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed or the law of the jurisdiction in which, at the time of creation, any of the following applies: (A) The settlor was domiciled in, had a place of abode in, or was a national of the jurisdiction. (B) A trustee was domiciled or had a place of business in the jurisdiction. (C) Any trust property was located in the jurisdiction.
Ohio Rev. Code § 5803.01 — Ohio Revised Code / Title 58 / Chapter 5803 / § 5803.01
§ 5803.01. Notice to and consent by representative
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) Notice to a person who may represent and bind another person under this chapter has the same effect as if notice were given directly to the other person. (B) The consent of a person who may represent and bind another person under this chapter is binding on the person represented unless the person represented objects to the representation before the consent would otherwise have become effective. (C) Except as otherwise provided in sections 5804.11 and 5806.02 of the Revised Code, a person who under this chapter may represent a settlor who lacks capacity may receive notice and give a binding consent on the settlor's behalf. (D) A settlor may not represent and bind a beneficiary under this chapter with respect to the termination or modification of a trust under division (A) of section 5804.11 of the Revised Code.
Ohio Rev. Code § 5804.06 — Ohio Revised Code / Title 58 / Chapter 5804 / § 5804.06
§ 5804.06. Trust induced by fraud, duress, or undue influence void
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly A trust is void to the extent its creation was induced by fraud, duress, or undue influence. As used in this section, "fraud," "duress," and "undue influence" have the same meanings for trust validity purposes as they have for purposes of determining the validity of a will.
Ohio Rev. Code § 5814.08 — Ohio Revised Code / Title 58 / Chapter 5814 / § 5814.08
§ 5814.08. Accounting by and determination of liability of custodian
Status: in_force

April 6, 2017 House Bill 432 - 131st General Assembly (A) The minor, if the minor has attained the age of fourteen years, or the legal representative of the minor, a member of the minor's family who is eighteen years of age or older, or a donor or transferor or the donor's or transferor's legal representative may petition the court for an accounting by the custodian or the custodian's legal representative. A successor custodian may petition the court for an accounting by the custodian that the successor custodian succeeded. (B) The court, in a proceeding under sections 5814.01 to 5814.10 of the Revised Code, or otherwise, may require or permit the custodian or the custodian's legal representative to account and, if the custodian is removed, shall so require and order delivery of all custodial property to the successor custodian and the execution of all instruments required for the transfer of the custodial property.
Ohio Rev. Code § 5804.07 — Ohio Revised Code / Title 58 / Chapter 5804 / § 5804.07
§ 5804.07. Written instrument not required
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly Except as required by any section of the Revised Code not in Chapters 5801. to 5811. of the Revised Code, a trust is not required to be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence.
Ohio Rev. Code § 5813.05 — Ohio Revised Code / Title 58 / Chapter 5813 / § 5813.05
§ 5813.05. Exemption
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly Nothing in sections 5812.01 to 5812.52 , or any other section of the Revised Code limits or restricts the definition of income in division (A) of section 5813.02 of the Revised Code or limits or restricts a governing board of an institution from requesting, or a trustee from making, distributions from an institutional trust fund in accordance with sections 5813.01 to 5813.07 of the Revised Code.
Ohio Rev. Code § 5802.03 — Ohio Revised Code / Title 58 / Chapter 5802 / § 5802.03
§ 5802.03. Concurrent jurisdiction regarding inter vivos trust
Status: in_force

March 22, 2019 House Bill 595 - 132nd General Assembly (A) Except as otherwise provided in division (B) of this section, the probate division of the court of common pleas has concurrent jurisdiction with, and the same powers at law and in equity as, the general division of the court of common pleas to issue writs and orders and to hear and determine any action that involves an inter vivos trust. (B) The probate division of the court of common pleas has exclusive jurisdiction to render declaratory judgments under Chapter 5817. of the Revised Code. However, the probate division of the court of common pleas may transfer a declaratory judgment proceeding under that chapter to the general division of the court of common pleas pursuant to division (A) of section 5817.04 of the Revised Code.
Ohio Rev. Code § 5812.24 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.24
§ 5812.24. Principal receipts
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly A trustee shall allocate to principal all of the following: (A) To the extent not allocated to income under sections 5812.01 to 5812.52 of the Revised Code, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary; (B) Money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to sections 5812.18 to 5812.38 of the Revised Code; (C) Amounts recovered from third parties to reimburse the trust because of disbursements described in division (A)(7) of section 5812.43 of the Revised Code or for other reasons to the extent not based on the loss of income; (D) Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income; (E) Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; (F) Other receipts as provided in sections 5812.31 to 5812.38 of the Revised Code.
Ohio Rev. Code § 5815.42 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.42
§ 5815.42. Art dealer's acceptance of work on consignment from artist
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly If an art dealer accepts a work of art, on a fee, commission, or other compensation basis, on consignment from the artist who created the work of art, the following consequences attach: (A) The art dealer is, with respect to that work of art, the agent of the artist. (B) The work of art is trust property and the art dealer is a trustee for the benefit of the artist until the work of art is sold to a bona fide third party or returned to the artist. (C) The proceeds of the sale of the work of art are trust property and the art dealer is a trustee for the benefit of the artist until the amount due the artist from the sale is paid. (D) The art dealer is strictly liable for the loss of, or damage to, the work of art while it is in the art dealer's possession or control. The value of the work of art is, for the purpose of this division, the value established in the written contract between the artist and art dealer entered into pursuant to section 5815.45 of the Revised Code.
Ohio Rev. Code § 5813.04 — Ohio Revised Code / Title 58 / Chapter 5813 / § 5813.04
§ 5813.04. Standard of care
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) In administering the powers to request amounts from a trustee of an institutional trust fund in accordance with divisions (A) and (B) of section 5813.02 of the Revised Code, members of a governing board of an institution shall exercise ordinary business care and prudence under the facts and circumstances prevailing at the time of the action or decision and shall make requests for amounts under divisions (A) and (B) of section 5813.02 of the Revised Code only as is prudent under this standard. In so doing, the governing board shall consider the long- and short-term needs of the institution in carrying out its educational, religious, charitable, or other eleemosynary purposes; the institution's present and anticipated financial requirements; the expected total return on the investments held by the institution and held by the trustee under the applicable trust instrument; price level trends; and general economic conditions. (B) In determining the expected total return on the investments held by a trustee of an institutional trust fund under the applicable trust instrument, the members of the governing board of an institution may follow, and are not required to examine independently, the determination of the trustee regarding the expected total return on the investments held by the trustee. (C) A trustee of an institutional trust fund has no duty to inquire or ascertain whether the governing board of an institution has satisfied the standards set forth in divisions (A) and (B) of this section, and the trustee does not have any liability for the failure of the governing board to satisfy those standards.
Ohio Rev. Code § 5812.14 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.14
§ 5812.14. Apportionment when income interest ends
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) As used in this section, "undistributed income" means net income received before the date on which an income interest ends. "Undistributed income" excludes an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust. (B) When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary that survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust, unless the beneficiary has an unqualified power to revoke more than five per cent of the trust immediately before the income interest ends. If the beneficiary has such power, the undistributed income from the portion of the trust that may be revoked shall be added to principal. (C) When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate, or other tax requirements.
Ohio Rev. Code § 5812.35 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.35
§ 5812.35. Timber
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts in accordance with all of the following: (1) To income, to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest; (2) To principal, to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber; (3) To or between income and principal, if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying divisions (A)(1) and (2) of this section; (4) To principal, to the extent that advance payments, bonuses, and other payments are not allocated pursuant to division (A)(1), (2), or (3) of this section. (B) In determining net receipts to be allocated pursuant to division (A) of this section, a trustee shall deduct and transfer to principal a reasonable amount for depletion. (C) This section applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust. (D) If a trust owns an interest in timberland on January 1, 2003, the trustee may allocate net receipts from the sale of timber and related products as provided in this section or in the manner used by the trustee before that date. If the trust acquires an interest in timberland after January 1, 2003, the trustee shall allocate net receipts from the sale of timber and related products as provided in this section.
Ohio Rev. Code § 5812.08 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.08
§ 5812.08. Distribution to residuary and remainder beneficiaries
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) Each beneficiary described in division (D) of section 5812.07 of the Revised Code is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one that does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of the decedent's death or terminating event or earlier distribution date but has not distributed as of the current distribution date. (B) In determining a beneficiary's share of net income for the purpose of this section, all of the following apply: (1) The beneficiary is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date, including assets that later may be sold to meet principal obligations. (2) The beneficiary's fractional interest in the undistributed principal assets must be calculated without regard to property specifically given to a beneficiary and property required to pay pecuniary amounts not in trust. (3) The beneficiary's fractional interest in the undistributed principal assets must be calculated on the basis of the aggregate value of those assets as of the distribution date without reducing the value by any unpaid principal obligation. (4) The distribution date for purposes of this section may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed. (C) If a fiduciary does not distribute all of the collected but undistributed net income described in divisions (A) and (B) of this section to each person as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each. (D) To the extent that a fiduciary considers it appropriate, the fiduciary may apply the provisions of divisions (A) to (C) of this section to any net gain or loss, realized after the date of the decedent's death or an income interest termination or earlier distribution date, from the disposition of a principal asset to which such provisions apply.
Ohio Rev. Code § 5815.32 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.32
§ 5815.32. Revocation of power of attorney upon termination of marriage or entering separation agreement
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly If a principal executes a power of attorney designating the principal's spouse as the attorney in fact for the principal and if after executing the power of attorney, the principal and the principal's spouse are divorced, obtain a dissolution or annulment of their marriage, or enter into a separation agreement pursuant to which they intend to fully and finally settle each spouse's prospective property rights in the property of the other, the designation in the power of attorney of the spouse or former spouse of the principal to act as attorney in fact for the principal is revoked, unless the power of attorney provides otherwise. The subsequent remarriage of the principal to the principal's former spouse, or the termination of a separation agreement between the principal and the principal's spouse, does not revive a power of attorney that is revoked under this section.
Ohio Rev. Code § 5810.03 — Ohio Revised Code / Title 58 / Chapter 5810 / § 5810.03
§ 5810.03. Trustee not accountable or liable for profit or loss absent breach
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) Absent a breach of trust, a trustee is not accountable to a beneficiary for any profit made by the trustee arising from the administration of the trust. (B) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.
Ohio Rev. Code § 5808.14 — Ohio Revised Code / Title 58 / Chapter 5808 / § 5808.14
§ 5808.14. Judicial standard of review for discretionary trusts
Status: in_force

March 22, 2012 Senate Bill 117 - 129th General Assembly (A) The judicial standard of review for discretionary trusts is that the trustee shall exercise a discretionary power reasonably, in good faith, and in accordance with the terms and purposes of the trust and the interests of the beneficiaries, except that with respect to distribution decisions a reasonableness standard shall not be applied to the exercise of discretion by the trustee of a wholly discretionary trust. The greater the grant of discretion by the settlor to the trustee, the broader the range of permissible conduct by the trustee in exercising it. (B) Subject to division (D) of this section, and unless the terms of the trust expressly indicate that a rule in this division does not apply: (1) A person other than a settlor who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary distributions to or for the trustee's personal benefit may exercise the power only in accordance with an ascertainable standard. (2) A trustee may not exercise a power to make discretionary distributions to satisfy a legal obligation of support that the trustee personally owes another person. (C) A power whose exercise is limited or prohibited by division (B) of this section may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, the court may appoint a special fiduciary with authority to exercise the power. (D) Division (B) of this section does not apply to any of the following: (1) A power held by the settlor's spouse who is the trustee of a trust for which a marital deduction, as defined in section 2056(b)(5) or 2523(e) of the Internal Revenue Code, was previously allowed; (2) Any trust during any period that the trust may be revoked or amended by its settlor; (3) A trust if contributions to the trust qualify for the annual exclusion under section 2503(c) of the Internal Revenue Code. (E) For purposes of division (A) of this section, a trustee who acts reasonably and in good faith in exercising the power to distribute trust income or principal to the trustee of a second trust in accordance with division (A) or (B) of section 5808.18 of the Revised Code is presumed to have acted in accordance with the terms and purposes of the trust and the interests of the beneficiaries.
Ohio Rev. Code § 5808.05 — Ohio Revised Code / Title 58 / Chapter 5808 / § 5808.05
§ 5808.05. Reasonable administrative costs allowed
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly Except as otherwise permitted by law, in administering a trust, a trustee may incur only costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.
Ohio Rev. Code § 5801.23 — Ohio Revised Code / Title 58 / Chapter 5801 / § 5801.23
§ 5801.23. Termination of irrevocable trust as a result of trustee resignation or removal
Status: in_force

April 3, 2023 Senate Bill 202 - 134th General Assembly (A) When a trustee resigns or is removed from an irrevocable trust pursuant to the terms of the trust or otherwise and the departing trustee elects to use the provisions of this section, the departing trustee shall serve on the resignation or removal necessary parties the documents and information described in division (B) of this section. The trustee also may serve those documents and that information on other persons who the trustee reasonably believes may have an interest in the trust. Service shall be made within a reasonable period of time after such resignation or removal. (B) The documents and information to be served include all of the following: (1) A written notice, executed by or on behalf of the departing trustee, that includes all of the following information: (a) The date of the notice, corresponding to the date the notice is being sent; (b) A description of any terms of the trust or the Revised Code relevant to the resignation or removal of the departing trustee and the provisions, if applicable, regarding the appointment or designation of the successor trustee; (c) A description of any actions taken by the departing trustee, the beneficiaries of the trust, or other required parties pertaining to the resignation or removal of the departing trustee and, if applicable, the appointment or designation of the successor trustee; (d) The name and address of the successor trustee, if one has been appointed or designated; (e) If applicable, a statement confirming the successor trustee's acceptance of the trusteeship; (f) A description of the trustee succession objection period and the name, mailing address, electronic mail address if available, and telephone number of the person or office associated with the departing trustee to which any written objections should be sent; (g) A description of the process, described in division (C) of this section, that will be followed if the departing trustee receives no written objections within the trustee succession objection period; (h) A description of the process, described in division (D) of this section, that will be followed if the departing trustee receives a written objection within the trustee succession objection period; (i) A statement of the impending bar of claims against the departing trustee, as described in division (F) of this section, that will result if an objection is not timely made; (j) A statement that the departing trustee may rely upon the written statement of a recipient of the notice that such person consents to the delivery of the net assets of the trust to the successor trustee, or to one or more co-trustees as applicable, and irrevocably waives the right to object to the delivery of the assets and any claim against the departing trustee for matters disclosed in the notice or the trustee's reports served with it and all other matters pertaining to the departing trustee's administration of the trust; (k) A statement that the departing trustee may complete the delivery of the net assets of the trust to the successor trustee, or to one or more co-trustees as applicable, prior to the expiration of the trustee succession objection period if all of the persons on whom the notice was served deliver to the trustee written consents and irrevocable waivers of the kind described in division (E) of this section; (l) An exhibit showing the assets on hand at the date the notice is prepared and their respective values as shown in the regularly kept records of the trustee; (m) An estimate of any assets, income, taxes, fees, expenses, claims, or other items reasonably expected by the departing trustee to be received or disbursed before delivery of the net assets of the trust to the successor trustee, or to one or more co-trustees as applicable, but not yet received or disbursed, including trustee fees remaining to be paid. (2) One or more trustee's reports covering the applicable reporting period. (C) If no written objection is received by the departing trustee within the trustee succession objection period: (1) The notice and trustee's reports served pursuant to division (A) of this section shall be considered approved by each recipient of the notice and reports. (2) The departing trustee, within a reasonable period of time following the expiration of the trustee succession objection period, shall deliver the net trust assets to the successor trustee or to one or more co-trustees, as applicable. (3) Any person who was served such notice and reports shall be barred from bringing a claim against the trustee, and from challenging the validity of the trust, as provided in division (F) of this section. (D)(1) If, after being served the notice and trustee's reports described in division (B) of this section, a qualified beneficiary or any other recipient of the notice wishes to object to matters disclosed in the notice or reports or any other matter pertaining to the departing trustee's administration of the trust, the person shall provide written notice of the objection to the departing trustee within the trustee succession objection period. If the departing trustee receives a written objection within the trustee succession objection period, the departing trustee may do either of the following: (a) Submit the written objection to the court for resolution. The expense of commencing, conducting, and concluding such a proceeding shall be charged as ordered by the court. (b)(i) Resolve the objection with the objecting person by accepting a withdrawal of the person's objection or by written instrument, a written agreement as described in section 5801.10 of the Revised Code, or other means. (ii) Any agreement or other written instrument executed by the objecting party pursuant to division (D)(1)(b)(i) of this section may include a release and a trustee indemnification clause, along with other terms agreed to by the parties. Reasonable expenses related to such written instrument or written agreement shall be charged to the trust. (2) Within a reasonable time after resolution of all timely objections under division (D)(1) of this section, the departing trustee shall deliver the net trust assets to the successor trustee, or to one or more co-trustees as applicable, subject to any modifications provided for in the terms of the document setting forth the resolution of each such objection. (E)(1) The departing trustee may rely upon the written statement of a recipient of the notice and trustee's reports served under this section that the recipient consents to, and irrevocably waives the right to object to: (a) The departing trustee's resignation or removal; (b) The appointment of the successor trustee, if applicable; (c) Delivery of the net assets of the trust to the successor trustee or to one or more co-trustees, as applicable. (2) The statement shall also irrevocably waive any claims against the departing trustee for breach of trust as to matters disclosed in the notice and trustee's reports and all other matters pertaining to the departing trustee's administration of the trust. (3) The delivery of the net assets of the trust to the successor trustee, or to one or more co-trustees as applicable, may be completed prior to the expiration of the trustee succession objection period if all of the persons on whom the notice and trustee's reports were served have delivered to the departing trustee similar written consents and irrevocable waivers. (F)(1) Any person who was served a notice and trustee's reports that comply with the requirements of this section and who either consented to the delivery of the net assets of the trust to the successor trustee or one or more co-trustees as applicable or failed to timely provide the departing trustee a written objection as described in this section is barred from: (a) Bringing a claim against the departing trustee for breach of trust as to matters disclosed in the notice and trustee's reports and all other matters pertaining to the departing trustee's administration of the trust; (b) Challenging the validity of the trust. Such claims shall be barred as described in division (F)(3) of this section. (2) If all of the resignation or removal necessary parties and all qualified beneficiaries of the trust have been served a notice and trustee's reports that comply with the requirements of this section and have either consented to the delivery of the net assets of the trust to the successor trustee or failed to timely provide the trustee a written objection as described in this section, all other beneficiaries of the trust, including persons who may succeed to the interests in the trust of the beneficiaries served, shall be barred as described in division (F)(3) of this section. (3) The bar of claims under divisions (F)(1) and (2) of this section applies: (a) To each person barred, the person's personal representatives and assigns, and the person's heirs who are not beneficiaries of the noticing trust; (b) To the same extent and with the same preclusive effect as if the court had entered a final order approving and settling the departing trustee's full account of its entire administration of the trust, notwithstanding the limitations periods otherwise applicable under section 5810.05 of the Revised Code. (c) To bar the person from bringing a claim against the successor trustee for failure to object to a matter that is subject to the bar of claims against the departing trustee to the same extent as the bar applies to claims against the departing trustee. Last updated March 3, 2023 at 4:27 PM
Ohio Rev. Code § 5803.04 — Ohio Revised Code / Title 58 / Chapter 5803 / § 5803.04
§ 5803.04. Representation by person having same interest
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly Unless otherwise represented, a minor, incapacitated individual, unborn individual, or person whose identity or location is unknown and not reasonably ascertainable may be represented by and bound by another having a substantially identical interest with respect to the particular question or dispute, but only to the extent there is no conflict of interest between the representative and the person represented.
Ohio Rev. Code § 5813.07 — Ohio Revised Code / Title 58 / Chapter 5813 / § 5813.07
§ 5813.07. Citing act
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly Sections 5813.01 to 5813.07 of the Revised Code may be cited as the "institutional trust funds act." Disclaimer Contact About
Ohio Rev. Code § 5817.03 — Ohio Revised Code / Title 58 / Chapter 5817 / § 5817.03
§ 5817.03. Action by settlor
Status: in_force

March 22, 2019 House Bill 595 - 132nd General Assembly (A) A settlor may file a complaint with the probate court to determine before the settlor's death that the settlor's trust is valid and enforceable under its terms, subject only to a subsequent revocation or modification of the trust. The right to file a complaint for a determination of the validity of a settlor's trust under this chapter, or to voluntarily dismiss a complaint once filed, is personal to the settlor and may not be exercised by the settlor's guardian or an agent under the settlor's power of attorney. (B) A settlor who desires to obtain a validity determination as to the settlor's trust shall file a complaint to determine the validity of both the trust and the related will. (C) The failure of a settlor to file a complaint for a judgment declaring the validity of a trust shall not be construed as evidence or an admission that the trust is not valid. (D) A complaint for a determination of the validity of a settlor's trust shall be accompanied by an express written waiver of the settlor's physician-patient privilege provided in division (B) of section 2317.02 of the Revised Code.
Ohio Rev. Code § 5807.02 — Ohio Revised Code / Title 58 / Chapter 5807 / § 5807.02
§ 5807.02. Bond of trustee
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. (B) The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time. (C) A regulated financial-service institution qualified to do trust business in this state need not give bond, even if required by the terms of the trust.
Ohio Rev. Code § 5805.07 — Ohio Revised Code / Title 58 / Chapter 5805 / § 5805.07
§ 5805.07. Trust property not subject to personal obligations of trustee
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt. Disclaimer Contact About
Ohio Rev. Code § 5813.01 — Ohio Revised Code / Title 58 / Chapter 5813 / § 5813.01
§ 5813.01. Institutional trust funds act definitions
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly As used in sections 5813.01 to 5813.07 of the Revised Code: (A) "Institution" means an incorporated or unincorporated organization that is organized and operated exclusively for educational, religious, charitable, or other eleemosynary purposes or a governmental organization to the extent that it holds funds exclusively for any of those purposes. (B) "Governing board" means the body responsible for the management of an institution. (C) "Institutional trust fund" means a trust fund, or a part of a trust fund, that is held by a trustee for the exclusive use, benefit, or purposes of one or more institutions and that is not wholly distributable to the institution or institutions on a current basis under the terms of the applicable trust instrument. "Institutional trust fund" does not include a fund in which a beneficiary that is not an institution has an interest other than a right that may arise upon a violation of a covenant under the terms of the applicable trust instrument or upon a violation of or the failure of the purposes of the fund. (D) "Applicable fund value" means for any particular fiscal year the sum of the month-end values of the net assets of an institutional trust fund for the prior fiscal year for those months in which the institutional trust fund has been in existence during such prior fiscal year divided by the number of those months. The month-end values shall be determined by the trustee in accordance with the trustee's records, and any such determination made by a trustee in good faith is conclusive. (E) "Trust instrument" means a testamentary or inter vivos trust under which the trustee of the trust holds an institutional trust fund. (F) "Trustee" means an individual, corporation, institution, or organization, including, but not limited to, a bank, trust company, or other financial institution, serving as a trustee or as sole trustee under a trust instrument. "Trustee" includes an original trustee and any successor or added trustee.
Ohio Rev. Code § 5815.01 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.01
§ 5815.01. Inheritance and bequest defined
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly Except when the intent of the settlor clearly is to the contrary, the following rules of construction shall apply in interpreting the terms "inheritance" and "bequest": (A) The term "inheritance," in addition to its meaning at common law or under any other section or sections of the Revised Code, includes any change of title to real property by reason of the death of the owner of that real property, regardless of whether the owner died testate or intestate. (B) The term "bequest," in addition to its meaning at common law or under any other section or sections of the Revised Code, includes any disposition of real property that occurs as a result of the death of the settlor.
Ohio Rev. Code § 5816.02 — Ohio Revised Code / Title 58 / Chapter 5816 / § 5816.02
§ 5816.02. Definitions
Status: in_force

August 17, 2021 House Bill 7 - 134th General Assembly As used in this chapter, unless the context otherwise requires: (A)(1) "Advisor" means a person to whom both of the following apply: (a) The person satisfies the eligibility criteria specified in division (A) of section 5816.11 of the Revised Code. (b) The person is given the authority by the terms of a legacy trust to remove or appoint one or more trustees of the trust or to direct, consent to, or disapprove a trustee's actual or proposed investment, distribution, or other decisions. (2) Any person to whom division (A)(1) of this section applies is considered an advisor even if that person is denominated by another title, such as protector. (B) "Asset" means property of a transferor but does not include any of the following: (1) Property to the extent it is encumbered by a valid lien; (2) Property to the extent it is exempt at the time of a qualified disposition under any applicable nonbankruptcy law, including, but not limited to, section 2329.66 of the Revised Code; (3) Property held in the form of a tenancy by the entireties to the extent that, under the law governing the entireties estate at the time of a qualified disposition, it is not subject to process by a creditor holding a claim against only one tenant; (4) Any property transferred from a nonlegacy trust to a legacy trust to the extent that the property would not be subject to attachment under the applicable nonbankruptcy law governing that nonlegacy trust. (C) "Bankruptcy Code" means the United States Bankruptcy Code, 11 U.S.C. Chapter 11, as amended. (D) "Beneficiary" has the same meaning as in section 5801.01 of the Revised Code. (E) "Claim" means a right to payment, whether or not the right is reduced to judgment or is liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured. (F) "Creditor" means a person who has a claim against a transferor and any transferee or assignee of, or successor to, that claim. (G) "Debt" means a liability on a claim. (H) "Disposition" means a direct or indirect transfer, conveyance, or assignment of property, including, but not limited to, a partial, contingent, undivided, or co-ownership interest in property. "Disposition" includes the exercise of a general power so as to cause a transfer of property to a trustee or trustees but does not include any of the following: (1) The release or relinquishment of an interest in property that, until the release or relinquishment, was the subject of a qualified disposition; (2) The exercise of a limited power so as to cause a transfer of property to a trustee or trustees; (3) A disclaimer of an interest in a trust, bequest, devise, or inheritance. (I) "Internal Revenue Code" means the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C. 1 et seq., as amended. (J) "Investment decision" means any participation in any decision regarding the retention, purchase, sale, exchange, tender, or other transaction affecting the ownership of or rights in investments. (K)(1) "Legacy trust" means a trust evidenced by a written trust instrument to which all of the following apply: (a) The trust has, names, or appoints at least one qualified trustee for or in connection with the property that is the subject of a qualified disposition. (b) The trust expressly incorporates the laws of this state to wholly or partially govern its validity, construction, and administration. (c) The trust expressly states that it is irrevocable. (d) The trust has a spendthrift provision applicable to the interests of any beneficiary in the trust property, including any interests of a transferor in the trust property. (2) A trust that satisfies the criteria specified in division (K)(1) of this section is considered a legacy trust even if the trust instrument also allows for one or more nonqualified trustees and regardless of the language used to satisfy those criteria. (L) "Lien" has the same meaning as in section 1336.01 of the Revised Code. (M) "Nonlegacy trust" means any trust other than a legacy trust. (N) "Nonqualified trustee" means any trustee other than a qualified trustee. (O) "Person" has the same meaning as in section 5801.01 of the Revised Code. (P) "Property" has the same meaning as in section 5801.01 of the Revised Code. (Q) "Qualified affidavit" means an affidavit that meets the requirements of section 5816.06 of the Revised Code. (R) "Qualified disposition" means a disposition by or from a transferor to any trustee of a trust that is, was, or becomes a legacy trust. (S) "Qualified trustee" means a person who is not a transferor and to whom both of the following apply: (1)(a) The person, if a natural person, is a resident of this state. (b) The person, if not a natural person, is authorized by the law of this state or by a court of competent jurisdiction of this state to act as a trustee and either of the following applies: (i) The activities of that person are subject to supervision by the Ohio superintendent of financial institutions, the federal deposit insurance corporation, the comptroller of the currency, or the office of thrift supervision or a successor of any of them. (ii) That person is a "family trust company," as defined in section 1112.01 of the Revised Code, and that family trust company may be licensed or unlicensed for purposes of Chapter 1112. of the Revised Code, provided that all of the following also apply regardless of the family trust company's licensing status: (I) The family trust company shall maintain an office in this state, on either an exclusive basis or on a shared basis with one or more other persons. (II) The family trust company shall open and maintain at least one bank or brokerage account in this state. (III) The family trust company shall maintain in this state, on an exclusive or nonexclusive basis, electronic or physical records for the legacy trust. (IV) The family trust company shall satisfy all of the requirements imposed by divisions (B), (C), (D), and (E)(1) of section 1112.14 of the Revised Code. (V) No beneficiary of a legacy trust, when acting for or on behalf of a family trust company, or when acting as an officer, manager, director, employee, or other agent or representative of a family trust company, may have any vote or authority regarding any decision to make or withhold any distribution from such legacy trust to or for the benefit of that beneficiary. Nothing in division (S)(1)(b)(ii) of this section shall prohibit a beneficiary from exercising any rights, powers, privileges, or authority granted to that beneficiary by or in any trust instrument governing a legacy trust. (2) The person maintains or arranges for custody in this state of some or all of the property that is the subject of the qualified disposition, maintains electronic or physical records for the legacy trust on an exclusive or nonexclusive basis, prepares or arranges for the preparation of required income tax returns for the legacy trust, or otherwise materially participates in the administration of the legacy trust. (T) "Spendthrift provision" has the same meaning as in section 5801.01 of the Revised Code. (U) "Spouse" and "former spouse" means only the person to whom a transferor was married on or before a qualified disposition is made. (V) "Transferor" means a person who directly or indirectly makes a disposition. (W) "Valid lien" has the same meaning as in section 1336.01 of the Revised Code. Last updated May 20, 2021 at 2:22 PM
Ohio Rev. Code § 5815.15 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.15
§ 5815.15. Notice of release
Status: in_force

January 30, 2014 House Bill 72 - 130th General Assembly No fiduciary or other person having the possession or control of any property subject to a power of appointment, other than the donee or holder of such power, has notice of a release of the power until a copy of the release is delivered to the fiduciary or other person having possession or control. No purchaser or mortgagee of real property subject to a power of appointment has notice of a release of the power until a copy of the release is delivered to the officer charged by law with the recording of deeds in the county in which the property is situated. If the property is in this state, the county recorder to whom a release is delivered shall record the release in the official records, and shall charge a fee computed in the same manner as the fee charged for recording deeds.
Ohio Rev. Code § 5815.45 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.45
§ 5815.45. Written contract prerequisite for accepting work of art
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) An art dealer shall not accept a work of art, on a fee, commission, or other compensation basis, on consignment from the artist who created the work of art unless, prior to or at the time of acceptance, the art dealer enters into a written contract with the artist that contains all of the following: (1) The value of the work of art and whether it may be sold; (2) The time within which the proceeds of the sale are to be paid to the artist, if the work of art is sold; (3) The minimum price for the sale of the work of art; (4) The fee or percentage of the sale price that is to be paid to the art dealer for displaying or selling the work of art. (B) If an art dealer violates this section, a court, at the request of the artist, may void the obligation of the artist to that art dealer or to a person to whom the obligation is transferred, other than a holder in due course.
Ohio Rev. Code § 5808.11 — Ohio Revised Code / Title 58 / Chapter 5808 / § 5808.11
§ 5808.11. Enforcement and defense of claims
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.