Ohio Rev. Code § 5809.02 — Ohio Revised Code / Title 58 / Chapter 5809 / § 5809.02
§ 5809.02. Standard of care - portfolio strategy - risk and return objectives
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this requirement, the trustee shall exercise reasonable care, skill, and caution. (B) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets. (C) A trustee's investment and management decisions respecting individual trust assets shall not be evaluated in isolation but in the context of the trust portfolio as a whole and as part of an overall investment strategy having risk and return objectives reasonably suited to the trust. (D) Among circumstances that a trustee shall consider in investing and managing trust assets are the following as are relevant to the trust or its beneficiaries: (1) The general economic conditions; (2) The possible effect of inflation or deflation; (3) The expected tax consequences of investment decisions or strategies; (4) The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property; (5) The expected total return from income and appreciation of capital; (6) Other resources of the beneficiaries; (7) Needs for liquidity, regularity of income, and preservation or appreciation of capital; (8) An asset's special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.
Ohio Rev. Code § 5817.11 — Ohio Revised Code / Title 58 / Chapter 5817 / § 5817.11
§ 5817.11. Effect of declaration
Status: in_force

March 22, 2019 House Bill 595 - 132nd General Assembly (A) Unless the will or trust is modified or revoked, and except as otherwise provided in this section, no person may contest the validity of a will or trust that is declared valid in a proceeding pursuant to this chapter. (B) The failure to name a necessary defendant under division (A) of section 5817.05 of the Revised Code is not jurisdictional. A declaration of a will's validity under this chapter shall be binding upon all defendants who were named or represented, and properly served pursuant to division (A) of section 5817.07 of the Revised Code, notwithstanding the failure to name a necessary defendant. However, if a person is one who should have been named a party defendant in the action in which the will was declared valid and if the person was not named a defendant and properly served in that action, that person, after the testator's death, may contest the validity of a will declared valid. (C) The failure to name a necessary defendant under division (A) of section 5817.06 of the Revised Code is not jurisdictional. A declaration of a trust's validity under this chapter shall be binding upon all defendants who were named or represented, and properly served pursuant to division (B) of section 5817.07 of the Revised Code, notwithstanding the failure to name a necessary defendant. However, if a person is one who should have been named a party defendant in the action in which the trust was declared valid and if the person was not named a defendant and properly served in that action, that person may contest the validity of a trust declared valid. (D) In determining whether a person was a party defendant and properly served in an action to declare a will or trust valid under this chapter, the representation rules of Chapter 5803. of the Revised Code shall be applied, and a person represented in the action under those rules is bound by the declaration of validity even if, by the time of the testator's death, or the challenge to the trust, the representing person has died or would no longer be able to represent the person to be represented in the proceeding under this chapter.
Ohio Rev. Code § 5802.05 — Ohio Revised Code / Title 58 / Chapter 5802 / § 5802.05
§ 5802.05. Provision regarding arbitration of disputes
Status: in_force

March 22, 2019 House Bill 595 - 132nd General Assembly (A) A provision in the terms of a trust, excluding a testamentary trust, that requires the arbitration of disputes, other than disputes of the validity of all or a part of a trust instrument, between or among the beneficiaries and a fiduciary under the trust, or a combination of those persons or entities, is enforceable. (B) Unless otherwise specified in the terms of the trust, a trust provision requiring arbitration as described in division (A) of this section shall be presumed to require binding arbitration under Chapter 2711. of the Revised Code. Disclaimer Contact About
Ohio Rev. Code § 5815.09 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.09
§ 5815.09. Deposit in name of two or more trustees - checks
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee authorized to do so by the other, neither the payee or other holder nor the bank is bound to inquire whether it is a breach of trust to authorize the trustee to draw checks upon the trust account and neither is liable unless the circumstances are such that the action of the payee or other holder or the bank amounts to bad faith.
Ohio Rev. Code § 5808.10 — Ohio Revised Code / Title 58 / Chapter 5808 / § 5808.10
§ 5808.10. Adequate records of administration
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A trustee shall keep adequate records of the administration of the trust. (B) A trustee shall keep trust property separate from the trustee's own property. (C) Except as otherwise provided in division (D) of this section and in section 2131.21 of the Revised Code, a trustee not subject to federal or state banking regulation shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary. (D) If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two or more separate trusts.
Ohio Rev. Code § 5812.20 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.20
§ 5812.20. Business and other activities conducted by trustee
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) If a trust that conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's general accounting records, the trustee may maintain separate accounting records for its transactions, whether or not its assets are segregated from other trust assets. (B) A trustee that accounts separately for a business or other activity may determine the extent to which its net cash receipts must be retained for working capital, the acquisition or replacement of fixed assets, and other reasonably foreseeable needs of the business or activity, and the extent to which the remaining net cash receipts are accounted for as principal or income in the trust's general accounting records. If a trustee sells assets of the business or other activity, other than in the ordinary course of the business or activity, the trustee shall account for the net amount received as principal in the trust's general accounting records to the extent the trustee determines that the amount received is no longer required in the conduct of the business. (C) Activities for which a trustee may maintain separate accounting records under this section include all of the following: (1) Retail, manufacturing, service, and other traditional business activities; (2) Farming; (3) Raising and selling livestock and other animals; (4) Management of rental properties; (5) Extraction of minerals and other natural resources; (6) Timber operations; (7) Activities to which section 5812.37 of the Revised Code applies.
Ohio Rev. Code § 5815.06 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.06
§ 5815.06. Deposit in name of fiduciary as such - liability of bank
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly If a deposit is made in a bank to the credit of a fiduciary as such, the bank may pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which the deposit is entered, without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of the obligation as fiduciary in drawing the check or with knowledge of such facts that its action in paying the check amounts to bad faith. If such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of the obligation as fiduciary in drawing or delivering the check.
Ohio Rev. Code § 5810.11 — Ohio Revised Code / Title 58 / Chapter 5810 / § 5810.11
§ 5810.11. Personal liability of trustee on contract as partner
Status: in_force

September 12, 2008 House Bill 332, House Bill 499 - 127th General Assembly (A)(1) Except as otherwise provided in division (C) of this section or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust's acquisition of the interest if the fiduciary capacity was disclosed. A partnership certificate that is filed pursuant to Chapter 1776. or 1777. or another chapter of the Revised Code and that indicates that a trustee holds a general partnership interest in a fiduciary capacity by the use following the name or signature of the trustee of the words "as trustee" or other words that indicate the trustee's fiduciary capacity constitutes a sufficient disclosure for purposes of this division. (2) 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 division (A) of this section can be made by a trustee if a certificate that 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 satisfies all of the following requirements: (a) The certificate states in full the names of all persons holding interests in the partnership and their places of residence. (b) The certificate is signed by all persons who are general partners in the partnership and is acknowledged by a person authorized to take acknowledgements of deeds. (c) The certificate uses the words "trustee under the (will or trust) of (name of decedent or settlor)," or other words that indicate the trustee's fiduciary capacity, following the trustee's name or signature. (3) A contract or other written instrument that is delivered to a party that contracts with the partnership in which a trustee holds a general partnership interest in a fiduciary capacity and that indicates that the trustee so holds the interest constitutes a disclosure for purposes of division (A)(1) of this section with respect to transactions between the party and the partnership. If a disclosure has been made by a certificate in accordance with division (A) of this section, a disclosure for purposes of division (A) of this section with respect to such transactions exists regardless of whether a contract or other instrument indicates the trustee holds the general partnership interest in a fiduciary capacity. (B) Except as otherwise provided in division (C) of this section, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable for torts committed by the partnership or for obligations arising from ownership or control of the interest unless the trustee is personally at fault. (C) The immunity provided by this section does not apply if an interest in the partnership is held by the trustee in a capacity other than that of trustee or is held by the trustee's spouse or one or more of the trustee's descendants, siblings, or parents, or the spouse of any of them. (D) If the trustee of a revocable trust holds an interest as a general partner in a general or limited partnership, the settlor is personally liable for contracts and other obligations of the partnership as if the settlor were a general partner. (E) The liability limitations in this section apply to trustees as partners notwithstanding the broader personal liabilities otherwise imposed by any partnership law. (F) If a trust is identified as a partner, the reference is deemed to be to, and the partner is, the current trustee or trustees of the trust and their successors as trustees. The Legislative Service Commission presents the text of this section as a composite of the section as amended by multiple acts of the General Assembly. This presentation recognizes the principle stated in R.C. 1.52(B) that amendments are to be harmonized if reasonably capable of simultaneous operation.
Ohio Rev. Code § 5809.08 — Ohio Revised Code / Title 58 / Chapter 5809 / § 5809.08
§ 5809.08. Application and construction
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) The Ohio Uniform Prudent Investor Act shall be applied and construed to effectuate the general purpose to make uniform the law with respect to the subject of these sections among the states enacting it. (B) The Ohio Uniform Prudent Investor Act applies to trusts existing on or created after March 22, 1999. As applied to trusts existing on March 22, 1999, the Ohio Uniform Prudent Investor Act governs only decisions or actions occurring after March 22, 1999. (C) The temporary investment of cash or funds pursuant to section 5815.26 or 2109.372 of the Revised Code shall be considered a prudent investment in compliance with the Ohio Uniform Prudent Investor Act. Disclaimer Contact About
Ohio Rev. Code § 5816.07 — Ohio Revised Code / Title 58 / Chapter 5816 / § 5816.07
§ 5816.07. Restrictions on actions, remedies, and claims
Status: in_force

March 27, 2013 House Bill 479 - 129th General Assembly (A) Notwithstanding any provision of law to the contrary but subject to division (G) of section 5816.10 of the Revised Code, no creditor may bring an action of any kind, including, but not limited to, an action to enforce a judgment entered by a court or other body having adjudicative authority, an action at law or in equity, or an action for an attachment or other final or provisional remedy, against any person who made or received a qualified disposition, against or involving any property that is the subject of a qualified disposition or is otherwise held by or for any trustee as part of a legacy trust, or against any trustee of a legacy trust, except that a creditor, subject to this section and section 5816.08 of the Revised Code, may bring an action to avoid any qualified disposition of an asset on the ground that a transferor made the qualified disposition with the specific intent to defraud the specific creditor bringing the action. (B) A creditor's cause of action or claim for relief under division (A) of this section to avoid any qualified disposition of an asset is extinguished unless that action is brought by a creditor of a transferor who meets one of the following requirements: (1) The creditor is a creditor of the transferor before the relevant qualified disposition, and the action is brought within the later of the following periods: (a) Eighteen months after the qualified disposition; (b) Six months after the qualified disposition is or reasonably could have been discovered by the creditor if the creditor files a suit against the transferor, other than an action under division (A) of this section to avoid the qualified disposition, or makes a written demand for payment on the transferor that in either case asserts a claim based on an act or omission of the transferor that occurred before the qualified disposition, and that suit is filed, or the written demand is delivered to the transferor, within three years after the qualified disposition. (2) The creditor becomes a creditor after the qualified disposition, and the action under division (A) of this section to avoid the qualified disposition is brought within eighteen months after the qualified disposition. (C) In any action to avoid the qualified disposition under this section, the burden is upon the creditor to prove the matter by clear and convincing evidence. This division is construed as providing a substantive rather than a procedural rule or right under the law of this state. (D) Notwithstanding any provision of law to the contrary but subject to division (G) of section 5816.10 of the Revised Code, a creditor or any other person shall have only the rights and remedies with respect to a qualified disposition that are provided in this section and section 5816.08 of the Revised Code, and the creditor or other person shall have no claim or cause of action against any trustee or advisor of a legacy trust or against any person involved in the counseling in connection with, or the drafting, preparation, execution, administration, or funding of, a legacy trust. (E) Notwithstanding any provision of law to the contrary but subject to division (G) of section 5816.10 of the Revised Code, and in addition to any other limitations, restrictions, or bars imposed by this section, no action of any kind, including, but not limited to, an action to enforce a judgment entered by a court or other body having adjudicative authority, shall be brought at law or in equity against a trustee or an advisor of a legacy trust or against any person involved in the counseling in connection with, or the drafting, preparation, execution, administration, or funding of, a legacy trust if and to the extent that, in connection with the qualified disposition that forms the basis of that action, the time in which a creditor could sue to avoid that qualified disposition would have expired under this section. (F) If more than one qualified disposition is made in connection with the same legacy trust, all of the following apply: (1) Each qualified disposition will be separately evaluated, without regard to any subsequent qualified disposition, to determine whether a creditor's claim regarding that particular qualified disposition is extinguished as provided in division (B) of this section. (2) The following apply when determining the order in which property is paid, applied, or distributed from a legacy trust: (a) Any payment, application, or distribution of money is considered to have been made from or with the money most recently received or acquired by any trustee of a legacy trust except to the extent that it is proven otherwise beyond a reasonable doubt. As used in division (F)(2)(a) of this section: (i) "Money" means cash or cash equivalents. (ii) "Cash" means the coins or currency of the United States or any other nation. (iii) "Cash equivalent" includes certified or uncertified checks; money orders; bank drafts; any electronic transfer of funds; negotiable instruments; instruments indorsed in blank or in bearer form; securities issued or guaranteed by the United States, any state of the United States, or any state or federal agency; funds on deposit in any savings or checking account or any similar account; funds on deposit in any money market account or similar account; any demand deposit account, time deposit account, or savings deposit account at any bank, savings and loan association, brokerage house, or similar institution; or any other monetary instrument or device that is commonly or routinely accepted as a cash equivalent. Division (F)(2)(a)(iii) of this section shall be liberally construed and applied. (b) Any payment, application, or distribution of fungible assets other than money is considered to have been made from or with the fungible assets most recently received or acquired by any trustee of a legacy trust except to the extent that it is proven otherwise by clear and convincing evidence. For purposes of division (F)(2)(b) of this section: (i) Any asset that can be classified as either money or a fungible asset shall be classified as money. (ii) "Fungible assets" means any assets, other than money, that are interchangeable for commercial purposes and the properties of which are essentially identical. Division (F)(2)(b)(ii) of this section shall be liberally construed and applied. (c) Division (F)(2) of this section is construed as providing a substantive rather than a procedural rule or right under the law of this state. (G) For purposes of this section, the counseling in connection with, or the drafting, preparation, execution, administration, or funding of, a legacy trust includes the counseling in connection with, or the drafting, preparation, execution, administration, or funding of, any limited partnership, limited liability company, corporation, or similar or comparable entity if the limited partnership interests, limited liability company interests, stock, or other similar or comparable ownership interests in the relevant entity are subsequently transferred to any trustee of any trust that is, was, or becomes a legacy trust.
Ohio Rev. Code § 5816.13 — Ohio Revised Code / Title 58 / Chapter 5816 / § 5816.13
§ 5816.13. Discretionary interests not property of a beneficiary
Status: in_force

March 27, 2013 House Bill 479 - 129th General Assembly No beneficiary or other person shall be considered to have a property interest in any property of a legacy trust to the extent that the distribution of that property is subject to the discretion of one or more qualified trustees or advisors, either acting alone or in conjunction with any other person, including any person authorized to veto any distributions from the legacy trust.
Ohio Rev. Code § 5807.01 — Ohio Revised Code / Title 58 / Chapter 5807 / § 5807.01
§ 5807.01. Acceptance or rejection of trusteeship
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) Except as otherwise provided in division (C) of this section, a person designated as trustee accepts the trusteeship by substantially complying with a method of acceptance provided in the terms of the trust or, if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship. (B) A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship. (C) A person designated as trustee, without accepting the trusteeship, may do either or both of the following: (1) Act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary; (2) Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.
Ohio Rev. Code § 5807.04 — Ohio Revised Code / Title 58 / Chapter 5807 / § 5807.04
§ 5807.04. Vacancy defined - priority in filling - additional trustees
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A vacancy in a trusteeship occurs under any of the following circumstances: (1) A person designated as trustee rejects the trusteeship; (2) A person designated as trustee cannot be identified or does not exist; (3) A trustee resigns; (4) A trustee is disqualified or removed; (5) A trustee dies; (6) A guardian of the estate or person is appointed for an individual serving as trustee. (B) If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee. (C) A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority: (1) By a person designated in the terms of the trust to act as successor trustee; (2) By a person appointed by someone designated in the terms of the trust to appoint a successor trustee; (3) By a person appointed by unanimous agreement of the qualified beneficiaries; (4) By a person appointed by the court. (D) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority: (1) By a person designated in the terms of the trust to act as successor trustee; (2) By a person appointed by someone designated in the terms of the trust to appoint a successor trustee; (3) By a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust; (4) By a person appointed by the court. (E) Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.
Ohio Rev. Code § 5813.02 — Ohio Revised Code / Title 58 / Chapter 5813 / § 5813.02
§ 5813.02. Maximum annual distribution from institutional trust fund
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) Subject to division (D) of this section and section 5813.03 of the Revised Code, during any fiscal year in which income may be or is required to be distributed to an institution from an institutional trust fund, income means the greater of the following: (1) The income from the assets of the institutional trust fund for the fiscal year as determined in accordance with the applicable trust instrument and applicable law without regard to sections 5813.01 to 5813.07 of the Revised Code; (2) The amount requested by the institution's governing board for the fiscal year pursuant to division (B) of this section. (B) An institution's governing board may request that an amount be distributed to the institution for the fiscal year, and that amount shall not exceed the sum of both of the following: (1) Five per cent of the applicable fund value for the institutional trust fund for the fiscal year; (2) If, in any prior fiscal year that is after September 15, 1999, the governing board requested less than five per cent of the applicable fund value for that prior fiscal year and if the amount the institution actually received from the institutional trust fund pursuant to division (A) of this section was less than five per cent for that prior fiscal year, the aggregate difference between five per cent of the applicable fund value with respect to each such prior fiscal year and the amount the institution actually received pursuant to division (A) of this section for each prior fiscal year. (C) If, under a trust instrument, more than one institution is a beneficiary of an institutional trust fund, the trustee shall take such actions that the trustee determines appropriate or necessary to allow for the distributions of income as contemplated by division (A) of this section, which actions may include dividing the institutional trust fund into separate shares according to the interest that each institution has in the total institutional trust fund held under the trust instrument. (D) This section does not limit the authority or obligation of a trustee to distribute, or the authority of a governing board to request, funds as permitted or required under the terms of the applicable trust instrument.
Ohio Rev. Code § 5801.09 — Ohio Revised Code / Title 58 / Chapter 5801 / § 5801.09
§ 5801.09. Notice to beneficiary by request
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) Whenever Chapters 5801. to 5811. of the Revised Code require notice to current or qualified beneficiaries of a trust, the trustee shall also give notice to any other beneficiary who has sent the trustee a request for notice. (B) A person appointed to enforce a trust created for the care of an animal or another noncharitable purpose as provided in section 5804.08 or 5804.09 of the Revised Code has the rights of a current beneficiary under Chapters 5801. to 5811. of the Revised Code.
Ohio Rev. Code § 5804.01 — Ohio Revised Code / Title 58 / Chapter 5804 / § 5804.01
§ 5804.01. Methods of creation of trusts
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly A trust may be created by any of the following methods: (A) Transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (B) Declaration by the owner of property that the owner holds identifiable property as trustee; (C) Exercise of a power of appointment in favor of a trustee; (D) A court order.
Ohio Rev. Code § 5808.17 — Ohio Revised Code / Title 58 / Chapter 5808 / § 5808.17
§ 5808.17. Powers and duties of trustee on termination; protection from liability
Status: in_force

March 22, 2012 Senate Bill 117 - 129th General Assembly (A) Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within thirty days after the proposal was sent but only if the proposal informed the beneficiary of the right to object and of the time allowed for objection. (B) Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses, and taxes. (C) A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent that it was induced by improper conduct of the trustee or that the beneficiary, at the time of the release, did not know of the beneficiary's rights or of the material facts relating to the breach. (D) If a beneficiary who was entitled to receive a distribution is deceased, the beneficiary's death did not terminate the beneficiary's right to receive the distribution, and an administration of the beneficiary's estate is open, the trustee shall make the distribution to the personal representative of the beneficiary's estate. If a beneficiary who was entitled to receive a distribution is deceased, the beneficiary's death did not terminate the beneficiary's right to receive the distribution, and an administration of the beneficiary's estate is not open, the trustee, without liability, may make the distribution directly to the beneficiary's heirs or devisees without requiring the opening or re-opening of estate administration proceedings if the trustee does not know of an adverse claim to the distribution and one of the following applies: (1) The beneficiary's estate was administered as an intestate estate in the jurisdiction in which the beneficiary was domiciled at death, and the trustee does both of the following: (a) Distributes the personal property included in the distribution to the person or persons who were determined to be the heirs of the beneficiary in that administration, in the same manner as the personal property would have been distributed if it had been part of the beneficiary's intestate estate; (b) Distributes the real property included in the distribution to the person or persons the trustee reasonably determines were the beneficiary's heirs under the statutes of descent and distribution, in effect at the time of the beneficiary's death, of the jurisdiction or jurisdictions in which the real property is located. (2) The beneficiary's estate was administered as a testate estate in the jurisdiction in which the deceased beneficiary was domiciled at death, and the trustee does both of the following: (a) Distributes the personal property included in the distribution to the residuary devisee or devisees under the beneficiary's will, in the same manner as the personal property would have been distributed in that administration if it had been part of the beneficiary's testate estate; (b) Distributes the real property included in the distribution to the person or persons the trustee reasonably determines would have received the real property under the law of the jurisdiction or jurisdictions in which the real property is located. (3) Division (D)(1) or (2) of this section does not apply, the beneficiary's death occurred at least six months before the trustee makes the distribution, and all of the following apply: (a) The trustee determines that the beneficiary had created a trust during the beneficiary's life that remained in existence at the beneficiary's death. (b) The beneficiary had executed a will that the trustee reasonably determines would have been admitted to probate if it had been offered for probate. (c) The beneficiary's will described in division (D)(3)(b) of this section devised the residue of the beneficiary's estate to the trustee of the trust described in division (D)(3)(a) of this section to be held under the terms of that trust. (d) The trustee makes the distribution to the trustee of the trust described in division (D)(3)(a) of this section. (4) Division (D)(1), (2), or (3) of this section does not apply, the beneficiary's death occurred at least six months before the trustee makes the distribution, and all of the following apply: (a) The trustee, exercising reasonable diligence, determines that an administration of the beneficiary's estate has not been commenced in the jurisdiction in which the trustee reasonably determines the beneficiary was domiciled at death. (b) The trustee does not know of an administration of the beneficiary's estate having been commenced in any other jurisdiction. (c) The trustee does not know of a purported last will and testament of the beneficiary. (d) The trustee does both of the following: (i) Distributes the personal property included in the distribution to the person or persons the trustee reasonably determines were the beneficiary's heirs under the statutes of descent and distribution, in effect at the time of the beneficiary's death, of the jurisdiction in which the trustee reasonably determines the beneficiary was domiciled at death; (ii) Distributes the real property included in the distribution to the person or persons the trustee reasonably determines were the beneficiary's heirs under the statutes of descent and distribution, in effect at the time of the beneficiary's death, of the jurisdiction or jurisdictions in which the real property is located. (E) The trustee's protection from liability for making distributions under division (D) of this section has no effect on the ability of third parties to pursue claims against the recipients of those distributions.
Ohio Rev. Code § 5804.17 — Ohio Revised Code / Title 58 / Chapter 5804 / § 5804.17
§ 5804.17. Combination or division of trusts
Status: in_force

September 12, 2008 House Bill 499 - 127th General Assembly After notice to the qualified beneficiaries, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts if the result does not substantially impair the rights of any beneficiary or have a materially adverse effect on the achievement of the purposes of the trust.
Ohio Rev. Code § 5811.03 — Ohio Revised Code / Title 58 / Chapter 5811 / § 5811.03
§ 5811.03. Temporal application of provisions of Code
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) Except as otherwise provided in Chapters 5801. to 5811. of the Revised Code, all of the following apply: (1) Chapters 5801. to 5811. of the Revised Code apply to all trusts created before, on, or after their effective date. (2) Chapters 5801. to 5811. of the Revised Code apply to all judicial proceedings concerning trusts commenced on or after their effective date. (3) Chapters 5801. to 5811. of the Revised Code apply to judicial proceedings concerning trusts commenced before the effective date of those chapters unless the court finds that application of a particular provision of those chapters would substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, in which case the particular provision does not apply, and the superseded law applies. (4) Any rule of construction or presumption provided in Chapters 5801. to 5811. of the Revised Code applies to trust instruments executed before the effective date of those chapters unless there is a clear indication of a contrary intent in the terms of the trust. (5) Chapters 5801. to 5811. of the Revised Code do not affect an act done before the effective date of those chapters. (B) If a right is acquired, extinguished, or barred upon the expiration of a prescribed period that has commenced to run under any other statute before the effective date of Chapters 5801. to 5811. of the Revised Code, that statute continues to apply to the right even if it has been repealed or superseded. Disclaimer Contact About
Ohio Rev. Code § 5815.27 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.27
§ 5815.27. Application of generation-skipping transfer tax provisions
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A provision in a will or trust agreement, which provision pertains to the payment of any taxes that are imposed by reason of the testator's or trust creator's death, does not include the payment of any portion of any tax that is imposed on any transfer under any other will or trust agreement by Chapter 13 of subtitle B of the "Internal Revenue Code of 1986," 100 Stat. 2718, 26 U.S.C. 2601-2624, as amended, unless the provision of the will or trust agreement specifically states, using the words "generation-skipping transfer tax," that the payment of the tax imposed under that chapter is included within the provision of the will or trust agreement. (B) This section applies to wills and trust agreements that are executed before or after March 14, 1979.
Ohio Rev. Code § 5812.03 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.03
§ 5812.03. Trustee's power to adjust
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages the trust assets as a prudent investor, the terms of the trust describe the amount that may or must be distributed to a beneficiary by referring to the trust's income, and the trustee determines, after applying division (A) of section 5812.02 of the Revised Code, that the trustee is unable to comply with division (B) of that section. (B) In deciding whether and to what extent to exercise the power conferred by division (A) of this section, a trustee shall consider all factors relevant to the trust and its beneficiaries, including all of the following factors to the extent they are relevant: (1) The nature, purpose, and expected duration of the trust; (2) The intent of the settlor; (3) The identity and circumstances of the beneficiaries; (4) The needs for liquidity, regularity of income, and preservation and appreciation of capital; (5) The assets held in the trust; the extent to which they consist of financial assets, interests in closely held enterprises, tangible and intangible personal property, or real property; the extent to which an asset is used by a beneficiary; and whether an asset was purchased by the trustee or received from the settlor; (6) The net amount allocated to income under sections 5812.01 , 5812.02 , and 5812.07 to 5812.52 of the Revised Code; and the increase or decrease in the value of the principal assets, which the trustee may estimate as to assets for which market values are not readily available; (7) Whether and to what extent the terms of the trust give the trustee the power to invade principal or accumulate income or prohibit the trustee from invading principal or accumulating income, and the extent to which the trustee has exercised a power from time to time to invade principal or accumulate income; (8) The actual and anticipated effect of economic conditions on principal and income and effects of inflation and deflation; (9) The anticipated tax consequences of an adjustment. (C) A trustee shall not make an adjustment if any of the following applies: (1) The adjustment diminishes the income interest in a trust that requires all of the income to be paid at least annually to a spouse and for which an estate tax or gift tax marital deduction would be allowed, in whole or in part, if the trustee did not have the power to make the adjustment. (2) The adjustment reduces the actuarial value of the income interest in a trust to which a person transfers property with the intent to qualify for a gift tax exclusion. (3) The adjustment changes the amount payable to a beneficiary as a fixed annuity or a fixed fraction of the value of the trust assets. (4) The adjustment is from any amount that is permanently set aside for charitable purposes under a will or the terms of a trust unless both income and principal are so set aside. (5) If possessing or exercising the power to make the adjustment causes an individual to be treated as the owner of all or part of the trust for income tax purposes, and the individual would not be treated as the owner if the trustee did not possess the power to make the adjustment; (6) If possessing or exercising the power to make the adjustment causes all or part of the trust assets to be included for estate tax purposes in the estate of an individual who has the power to remove a trustee or appoint a trustee, or both, and the assets would not be included in the estate of the individual if the trustee did not possess the power to make the adjustment; (7) If the trustee is a beneficiary of the trust; (8) If the trustee is not a beneficiary, but the adjustment would benefit the trustee directly or indirectly. (D) If division (C)(5), (6), (7), or (8) of this section applies to a trustee and there is more than one trustee, a cotrustee to whom the provision does not apply may make the adjustment unless the exercise of the power by the remaining trustee or trustees is not permitted by the terms of the trust. (E) A trustee may release the entire power conferred by division (A) of this section or may release only the power to adjust from income to principal or the power to adjust from principal to income if the trustee is uncertain about whether possessing or exercising the power will cause a result described in division (C)(1), (2), (3), (4), (5), (6), or (8) of this section or if the trustee determines that possessing or exercising the power will or may deprive the trust of a tax benefit or impose a tax burden not described in division (C) of this section. The release may be permanent or for a specified period, including a period measured by the life of an individual. (F) Terms of a trust that limit the power of a trustee to make an adjustment between principal and income do not affect the application of this section unless it is clear from the terms of the trust that the terms are intended to deny the trustee the power of adjustment conferred by division (A) of this section. (G) The liability of a trustee relative to the exercise of adjustment authority conferred by divisions (A) to (F) of this section shall be limited in the following manner: (1) Unless a court determines that a trustee has acted in bad faith, no trustee shall be held liable for damages for choosing not to make an adjustment. (2) Unless a court determines that a trustee has acted in bad faith with respect to an adjustment, the sole remedy to be ordered by a court shall be a prospective correction of the adjustment. (3) For purposes of this section, and subject to division (C) of this section, from time to time a trustee may make a safe-harbor adjustment to increase net trust accounting income up to and including an amount equal to four per cent of the trust's fair market value determined as of the first business day of the current year. If a trustee determines to make this safe-harbor adjustment, the propriety of this adjustment shall be conclusively presumed. Nothing in division (G)(3) of this section prohibits any other type of adjustment authorized under any provision of this section.
Ohio Rev. Code § 5801.01 — Ohio Revised Code / Title 58 / Chapter 5801 / § 5801.01
§ 5801.01. General definitions
Status: in_force

September 12, 2008 House Bill 499 - 127th General Assembly As used in Chapters 5801. to 5811. of the Revised Code: (A) "Action," with respect to an act of a trustee, includes a failure to act. (B) "Ascertainable standard" means a standard relating to an individual's health, education, support, or maintenance within the meaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code. (C) "Beneficiary" means a person that has a present or future beneficial interest in a trust, whether vested or contingent, or that, in a capacity other than that of trustee, holds a power of appointment over trust property, or a charitable organization that is expressly designated in the terms of the trust to receive distributions. "Beneficiary" does not include any charitable organization that is not expressly designated in the terms of the trust to receive distributions, but to whom the trustee may in its discretion make distributions. (D) "Beneficiary surrogate" means a person, other than a trustee, designated by the settlor in the trust instrument to receive notices, information, and reports otherwise required to be provided to a current beneficiary under divisions (B)(8) and (9) of section 5801.04 of the Revised Code. (E) "Charitable trust" means a trust, or portion of a trust, created for a charitable purpose described in division (A) of section 5804.05 of the Revised Code. (F) "Current beneficiary" means a beneficiary that, on the date the beneficiary's qualification is determined, is a distributee or permissible distributee of trust income or principal. (G) "Environmental law" means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment. (H) "Guardian of the estate" means a guardian appointed by a court to administer the estate of any individual or to serve as conservator of the property of an individual eighteen years of age or older under section 2111.021 of the Revised Code. (I) "Guardian of the person" means a guardian appointed by a court to make decisions regarding the support, care, education, health, and welfare of any individual or to serve as conservator of the person of an individual eighteen years of age or older under section 2111.021 of the Revised Code. "Guardian of the person" does not include a guardian ad litem. (J) "Internal Revenue Code" means the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C. 1 et seq., as amended. (K) "Interests of the beneficiaries" means the beneficial interests provided in the terms of the trust. (L) "Jurisdiction," with respect to a geographic area, includes a state or country. (M) "Mandatory distribution" means a distribution of income or principal, including a distribution upon termination of the trust, that the trustee is required to make to a beneficiary under the terms of the trust. Mandatory distributions do not include distributions that a trustee is directed or authorized to make pursuant to a support or other standard, regardless of whether the terms of the trust provide that the trustee "may" or "shall" make the distributions pursuant to a support or other standard. (N) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental agency or instrumentality, public corporation, or any other legal or commercial entity. (O) "Power of withdrawal" means a presently exercisable general power of appointment other than a power exercisable by a trustee that is limited by an ascertainable standard or that is exercisable by another person only upon consent of the trustee or a person holding an adverse interest. (P) "Property" means anything or any interest in anything that may be the subject of ownership. (Q) "Qualified beneficiary" means a beneficiary to whom, on the date the beneficiary's qualification is determined, any of the following applies: (1) The beneficiary is a distributee or permissible distributee of trust income or principal. (2) The beneficiary would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in division (Q)(1) of this section terminated on that date, but the termination of those interests would not cause the trust to terminate. (3) The beneficiary would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date. (R) "Revocable," as applied to a trust, means revocable at the time of determination by the settlor alone or by the settlor with the consent of any person other than a person holding an adverse interest. A trust's characterization as revocable is not affected by the settlor's lack of capacity to exercise the power of revocation, regardless of whether an agent of the settlor under a power of attorney, or a guardian of the person or estate of the settlor, is serving. (S) "Settlor" means a person, including a testator, who creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion. (T) "Spendthrift provision" means a term of a trust that restrains both voluntary and involuntary transfer of a beneficiary's interest. (U) "State" means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, a territory or possession of the United States, or an Indian tribe or band recognized by federal law or formally acknowledged by a state. (V) "Terms of a trust" means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. (W) "Trust instrument" means an instrument executed by the settlor that contains terms of the trust and any amendments to that instrument. (X) "Trustee" includes an original, additional, and successor trustee and a cotrustee. (Y)(1) "Wholly discretionary trust" means a trust to which all of the following apply: (a) The trust is irrevocable. (b) Distributions of income or principal from the trust may or shall be made to or for the benefit of the beneficiary only at the trustee's discretion. (c) The beneficiary does not have a power of withdrawal from the trust. (d) The terms of the trust use "sole," "absolute," "uncontrolled," or language of similar import to describe the trustee's discretion to make distributions to or for the benefit of the beneficiary. (e) The terms of the trust do not provide any standards to guide the trustee in exercising its discretion to make distributions to or for the benefit of the beneficiary. (f) The beneficiary is not the settlor, the trustee, or a cotrustee. (g) The beneficiary does not have the power to become the trustee or a cotrustee. (2) A trust may be a wholly discretionary trust with respect to one or more but less than all beneficiaries. (3) If a beneficiary has a power of withdrawal, the trust may be a wholly discretionary trust with respect to that beneficiary during any period in which the beneficiary may not exercise the power. During a period in which the beneficiary may exercise the power, both of the following apply: (a) The portion of the trust the beneficiary may withdraw may not be a wholly discretionary trust with respect to that beneficiary; (b) The portion of the trust the beneficiary may not withdraw may be a wholly discretionary trust with respect to that beneficiary. (4) If the beneficiary and one or more others have made contributions to the trust, the portion of the trust attributable to the beneficiary's contributions may not be a wholly discretionary trust with respect to that beneficiary, but the portion of the trust attributable to the contributions of others may be a wholly discretionary trust with respect to that beneficiary. If a beneficiary has a power of withdrawal, then upon the lapse, release, or waiver of the power, the beneficiary is treated as having made contributions to the trust only to the extent the value of the property affected by the lapse, release, or waiver exceeds the greatest of the following amounts: (a) The amount specified in section 2041(b)(2) or 2514(e) of the Internal Revenue Code; (b) If the donor of the property subject to the beneficiary's power of withdrawal is not married at the time of the transfer of the property to the trust, the amount specified in section 2503(b) of the Internal Revenue Code; (c) If the donor of the property subject to the beneficiary's power of withdrawal is married at the time of the transfer of the property to the trust, twice the amount specified in section 2503(b) of the Internal Revenue Code. (5) Notwithstanding divisions (Y)(1)(f) and (g) of this section, a trust may be a wholly discretionary trust if the beneficiary is, or has the power to become, a trustee only with respect to the management or the investment of the trust assets, and not with respect to making discretionary distribution decisions. With respect to a trust established for the benefit of an individual who is blind or disabled as defined in 42 U.S.C. 1382c(a)(2) or (3), as amended, a wholly discretionary trust may include either or both of the following: (a) Precatory language regarding its intended purpose of providing supplemental goods and services to or for the benefit of the beneficiary, and not to supplant benefits from public assistance programs; (b) A prohibition against providing food and shelter to the beneficiary.
Ohio Rev. Code § 5815.43 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.43
§ 5815.43. When work of art ceases to be trust property
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) If a work of art is trust property under section 5815.42 of the Revised Code when it is initially received by the art dealer, it remains trust property, notwithstanding the subsequent purchase of the work of art by the art dealer directly or indirectly for the art dealer's own account, until the purchase price specified pursuant to division (A)(3) of section 5815.45 of the Revised Code is paid in full to the artist. (B) If an art dealer resells a work of art that the art dealer purchased for the art dealer's own account to a bona fide third party before the artist has been paid in full, the work of art ceases to be trust property and the proceeds of the resale are trust funds in the possession or control of the art dealer for the benefit of the artist to the extent necessary to pay any balance still due to the artist. The trusteeship of the proceeds continues until the artist is paid in full under the contract entered into pursuant to section 5815.45 of the Revised Code.
Ohio Rev. Code § 5804.09 — Ohio Revised Code / Title 58 / Chapter 5804 / § 5804.09
§ 5804.09. Trust created for noncharitable purpose
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly Except as otherwise provided in section 5804.08 of the Revised Code or any other section of the Revised Code: (A) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee. A trust created for a noncharitable purpose may not be enforced for more than twenty-one years. (B) A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court. (C) The property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor if then living or to the settlor's successors in interest.
Ohio Rev. Code § 5806.02 — Ohio Revised Code / Title 58 / Chapter 5806 / § 5806.02
§ 5806.02. Revocation or amendment of trust
Status: in_force

September 12, 2008 House Bill 499 - 127th General Assembly (A) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This division does not apply to a trust created under an instrument executed before January 1, 2007. (B) If a revocable trust is created or funded by more than one settlor, all of the following apply: (1) To the extent the trust consists of community property, either spouse acting alone may revoke the trust, but the trust may be amended only by joint action of both spouses. (2) To the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution. (3) Upon the revocation or amendment of the trust by less than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment. (C) The settlor may revoke or amend a revocable trust by substantial compliance with a method provided in the terms of the trust or, if the terms of the trust do not provide a method, by any method manifesting clear and convincing evidence of the settlor's intent, provided that a revocable trust may not be revoked or amended by a will or codicil, regardless of whether it refers to the trust or specifically devises property that would otherwise have passed according to the terms of the trust unless the terms of the trust expressly allow it to be revoked or amended by a will or codicil. (D) Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs. (E) An agent under a power of attorney may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only to the extent expressly authorized by both the terms of the trust and the power. (F) A guardian of the estate of the settlor or, if no guardian of the estate has been appointed, a guardian of the person of the settlor may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only with the approval of the court supervising the guardianship. (G) A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked.
Ohio Rev. Code § 5816.14 — Ohio Revised Code / Title 58 / Chapter 5816 / § 5816.14
§ 5816.14. Applicability of chapter
Status: in_force

August 17, 2021 House Bill 7 - 134th General Assembly This chapter applies to qualified dispositions made on or after March 27, 2013, except that division (S)(1)(b)(ii) of section 5816.02 of the Revised Code applies to any legacy trust settled or administered on or after the effective date of this amendment. Last updated May 21, 2021 at 11:02 AM Disclaimer Contact About
Ohio Rev. Code § 5810.13 — Ohio Revised Code / Title 58 / Chapter 5810 / § 5810.13
§ 5810.13. Certification of trust furnished to person not beneficiary
Status: in_force

March 22, 2012 Senate Bill 117 - 129th General Assembly (A) Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing all of the following information: (1) A statement that the trust exists and the date the trust instrument was executed; (2) The identity of the settlor; (3) The identity and address of the currently acting trustee; (4) The powers of the trustee; (5) The revocability or irrevocability of the trust and the identity of any person holding a power to revoke the trust; (6) The authority of cotrustees to sign or otherwise authenticate and whether all or less than all are required in order to exercise powers of the trustee. (B) Any trustee may sign or otherwise authenticate a certification of trust. (C) A certification of trust shall state that the trust has not been revoked, modified, or amended in any manner that would cause the representations contained in the certification of trust to be incorrect. (D) A certification of trust is not required to contain the dispositive terms of a trust. (E) A certification of trust may establish the identity of the trustee and any succession of trustees under division (B) or (C) of section 5810.14 of the Revised Code. (F) A recipient of a certification of trust may require the trustee to furnish copies of those excerpts from the original trust instrument and later amendments that designate the trustee and confer upon the trustee the power to act in the pending transaction. (G) A person who acts in reliance upon a certification of trust without knowledge that the representations contained in the certification are incorrect is not liable to any person for so acting and may assume without inquiry the existence of the facts contained in the certification. Knowledge of the terms of the trust may not be inferred solely from the fact that a copy of all or part of the trust instrument is held by the person relying upon the certification. (H) A person who in good faith enters into a transaction in reliance upon a certification of trust may enforce the transaction against the trust property as if the representations contained in the certification were correct. (I) This section does not affect the use or validity of a memorandum of trust under section 5301.255 of the Revised Code. (J) This section does not limit the right of a person to obtain a copy of the trust instrument in a judicial proceeding concerning the trust.
Ohio Rev. Code § 5801.21 — Ohio Revised Code / Title 58 / Chapter 5801 / § 5801.21
§ 5801.21. Concluding trustee's administration of irrevocable trust
Status: in_force

April 3, 2023 Senate Bill 202 - 134th General Assembly (A) A trustee may, but is not required to, use the process prescribed in sections 5801.22 and 5801.23 of the Revised Code, as applicable, when concluding the trustee's administration of an irrevocable trust. (B) Sections 5801.20 to 5801.24 of the Revised Code do not apply to a testamentary trust subject to the supervision of a probate court. (C) Except as otherwise provided in the Revised Code or other applicable law, including the common law, the provisions of sections 5801.22 and 5801.23 of the Revised Code may be used in combination with or in lieu of other options or proceedings available under the Revised Code or other applicable law, including the common law. (D) A trustee's substantial good-faith compliance with the requirements concerning the contents of the notices described in division (B) of section 5801.22 and division (B) of section 5801.23 of the Revised Code is deemed sufficient. Last updated March 3, 2023 at 4:26 PM
Ohio Rev. Code § 5808.08 — Ohio Revised Code / Title 58 / Chapter 5808 / § 5808.08
§ 5808.08. Direction of settlor contrary to terms - power of modification
Status: in_force

March 27, 2013 House Bill 479 - 129th General Assembly (A) While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. (B) As provided in section 5815.25 of the Revised Code, a trustee is not liable for losses resulting from certain actions or failures to act when other persons are granted certain powers with respect to the administration of the trust. (C) The terms of a trust may confer upon a trustee or other person a power to direct the modification or termination of the trust. (D) Except to the extent otherwise provided by the terms of a trust, a person other than a beneficiary who holds a power to direct, including, but not limited to, a power to direct the modification or termination of a trust, is presumptively a fiduciary who, as a fiduciary, is required to act in good faith with regard to the purposes of the trust and the interests of the beneficiaries. The holder of a power to direct is liable for any loss that results from breach of a fiduciary duty.
Ohio Rev. Code § 5812.36 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.36
§ 5812.36. Property not productive of income
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under section 5812.03 of the Revised Code and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time, or exercise the power conferred by division (A) of that section. The trustee may decide which action or combination of actions to take. (B) In cases not governed by division (A) of this section, proceeds from the sale or other disposition of an asset shall be principal without regard to the amount of income the asset produces during any accounting period.
Ohio Rev. Code § 5809.05 — Ohio Revised Code / Title 58 / Chapter 5809 / § 5809.05
§ 5809.05. Reviewing compliance
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly Compliance with the Ohio Uniform Prudent Investor Act shall be determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.
Ohio Rev. Code § 5815.07 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.07
§ 5815.07. Check drawn by fiduciary upon account of his principal - liability of bank
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly If a check is drawn upon the principal's account by a fiduciary who is empowered to do so, the bank may pay the check without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of the obligation as fiduciary in drawing the check or with knowledge of such facts that its action in paying the check amounts to bad faith. If such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of the obligation as fiduciary in drawing or delivering the check.
Ohio Rev. Code § 5812.37 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.37
§ 5812.37. Derivatives and options
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) As used in this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments that gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets. (B) To the extent that a trustee does not account under section 5812.20 of the Revised Code for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions. (C) If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust, or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option shall be allocated to principal. An amount paid to acquire the option shall be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, shall be allocated to principal.
Ohio Rev. Code § 5809.03 — Ohio Revised Code / Title 58 / Chapter 5809 / § 5809.03
§ 5809.03. Investment authority - diversification
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A trustee may invest in any kind of property or type of investment provided that the investment is consistent with the requirements and standards of the Ohio Uniform Prudent Investor Act. (B) A trustee shall diversify the investments of a trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.
Ohio Rev. Code § 5812.44 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.44
§ 5812.44. Transfers from income to principal for depreciation
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) As used in this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year. (B) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but shall not transfer any amount for depreciation under any of the following circumstances: (1) Any amount for depreciation of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; (2) Any amount for depreciation during the administration of a decedent's estate; (3) Any amount for depreciation under this section if the trustee is accounting under section 5812.20 of the Revised Code for the business or activity in which the asset is used. (C) An amount transferred to principal need not be held as a separate fund.
Ohio Rev. Code § 5802.02 — Ohio Revised Code / Title 58 / Chapter 5802 / § 5802.02
§ 5802.02. Personal jurisdiction over trustee and beneficiaries
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) By accepting the trusteeship of a trust having its principal place of administration in this state or by moving the principal place of administration to this state, the trustee submits personally to the jurisdiction of the courts of this state regarding any matter involving the trust. (B) With respect to their interests in the trust, the beneficiaries of a trust having its principal place of administration in this state are subject to the jurisdiction of the courts of this state regarding any matter involving the trust. By accepting a distribution from the trust, the recipient submits personally to the jurisdiction of the courts of this state regarding any matter involving the trust. (C) This section does not preclude other methods of obtaining jurisdiction over a trustee, beneficiary, or other person receiving property from the trust.
Ohio Rev. Code § 5808.13 — Ohio Revised Code / Title 58 / Chapter 5808 / § 5808.13
§ 5808.13. Keeping beneficiaries informed - requests - required reports
Status: in_force

September 12, 2008 House Bill 499 - 127th General Assembly (A) A trustee shall keep the current beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a beneficiary's request for information related to the administration of the trust. (B) A trustee shall do all of the following: (1) Upon the request of a beneficiary, promptly furnish to the beneficiary a copy of the trust instrument. Unless the beneficiary expressly requests a copy of the entire trust instrument, the trustee may furnish to the beneficiary a copy of a redacted trust instrument that includes only those provisions of the trust instrument that the trustee determines are relevant to the beneficiary's interest in the trust. If the beneficiary requests a copy of the entire trust instrument after receiving a copy of a redacted trust instrument, the trustee shall furnish a copy of the entire trust instrument to the beneficiary. If the settlor of a revocable trust that has become irrevocable has completely restated the terms of the trust, the trust instrument furnished by the trustee shall be the restated trust instrument, including any amendments to the restated trust instrument. Nothing in division (B)(1) of this section limits the ability of a beneficiary to obtain a copy of the original trust instrument, any other restatements of the original trust instrument, or amendments to the original trust instrument and any other restatements of the original trust instrument in a judicial proceeding with respect to the trust. (2) Within sixty days after accepting a trusteeship, notify the current beneficiaries of the acceptance and of the trustee's name, address, and telephone number; (3) Within sixty days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable, whether by the death of the settlor or otherwise, notify the current beneficiaries of the trust's existence, of the identity of the settlor or settlors, of the right to request a copy of the trust instrument, and of the right to a trustee's report as provided in division (C) of this section; (4) Notify the current beneficiaries in advance of any change in the method or rate of the trustee's compensation. (C) A trustee of a trust that has a fiscal year ending on or after January 1, 2007, shall send to the current beneficiaries, and to other beneficiaries who request it, at least annually and at the termination of the trust, a report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee's compensation, a listing of the trust assets, and, if feasible, the trust assets' respective market values. Upon a vacancy in a trusteeship, unless a cotrustee remains in office, a report for the period during which the former trustee served must be sent to the current beneficiaries by the former trustee. A personal representative or guardian may send the current beneficiaries a report on behalf of a deceased or incapacitated trustee. (D) A beneficiary may waive the right to a trustee's report or other information otherwise required to be furnished under this section. A beneficiary, with respect to future reports and other information, may withdraw a waiver previously given. (E) The trustee may provide information and reports to beneficiaries to whom the provided information and reports are not required to be provided under this section. (F) Divisions (B)(2) and (3) of this section apply only to a trustee who accepts a trusteeship on or after January 1, 2007, to an irrevocable trust created on or after January 1, 2007, and to a revocable trust that becomes irrevocable on or after January 1, 2007. (G) During the lifetime of the settlor of a revocable trust, whether or not the settlor has capacity to revoke the trust, the trustee's duties under this section are owed exclusively to the settlor.
Ohio Rev. Code § 5801.07 — Ohio Revised Code / Title 58 / Chapter 5801 / § 5801.07
§ 5801.07. Connection with designated jurisdiction - transfer
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, the terms of a trust designating the principal place of administration of the trust are valid and controlling if a trustee's principal place of business is located in or a trustee is a resident of the designated jurisdiction or if all or part of the administration occurs in the designated jurisdiction. (B) A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries. (C) Without precluding the right of the court to order, approve, or disapprove a transfer, the trustee, in furtherance of the duty prescribed by division (B) of this section, may transfer the trust's principal place of administration to another state or to a jurisdiction outside of the United States. (D) The trustee shall notify the current beneficiaries of a proposed transfer of a trust's principal place of administration not less than sixty days before initiating the transfer. The notice of a proposed transfer shall include all of the following: (1) The name of the jurisdiction to which the principal place of administration is to be transferred; (2) The address and telephone number at the new location at which the trustee can be contacted; (3) An explanation of the reasons for the proposed transfer; (4) The date on which the trustee expects the proposed transfer to occur. (E) In connection with a transfer of the trust's principal place of administration, the trustee may transfer some or all of the trust property to a successor trustee designated in the terms of the trust or appointed pursuant to section 5807.04 of the Revised Code.
Ohio Rev. Code § 5814.07 — Ohio Revised Code / Title 58 / Chapter 5814 / § 5814.07
§ 5814.07. Successor custodian
Status: in_force

April 6, 2017 House Bill 432 - 131st General Assembly (A) Any person who is eighteen years of age or older or a trust company is eligible to become a successor custodian. A successor custodian has all the rights, powers, duties, and immunities of a custodian designated in a manner prescribed by sections 5814.01 to 5814.10 of the Revised Code. (B) A custodian may resign and designate the custodian's successor by doing all of the following: (1) Executing an instrument of resignation that designates the successor custodian; (2) Causing each security that is custodial property and in registered form to be registered in the name of the successor custodian followed, in substance, by the words: "as custodian for _____________________ (name of minor) under the Ohio Transfers to Minors Act;" (3) Executing in the appropriate manner a deed, assignment, or similar instrument for all interest in real estate that is custodial property in the name of the successor custodian, followed, in substance, by the words: "as custodian for _________________________________ (name of minor) under the Ohio Transfers to Minors Act;" (4) Delivering to the successor custodian the instrument of resignation, each security registered in the name of the successor custodian, each deed, assignment, or similar instrument for all interest in real estate that is in the name of the successor custodian, and all other custodial property, together with any additional instruments that are required for the transfer of the custodial property. (C) A custodian may petition the court for permission to resign and for the designation of a successor custodian. (D) A custodian may designate by the custodian's will a successor custodian, which designation is effective at the custodian's death. Upon the custodian's death, the custodian's legal representative shall do each of the following: (1) Cause each security that is custodial property and in registered form to be registered in the name of the successor custodian, followed, in substance, by the words: "as custodian for _____________________________ (name of minor) under the Ohio Transfers to Minors Act;" (2) Execute in the appropriate manner a deed, assignment, or similar instrument for all interest in real estate that is custodial property in the name of the successor custodian, followed, in substance, by the words: "as custodian for _____________________________ (name of minor) under the Ohio Transfers to Minors Act;" (3) Deliver to the successor custodian each security registered in the name of the successor custodian, each deed, assignment, or similar instrument for all interest in real estate that is in the name of the successor custodian, and all other custodial property, together with any additional instruments that are required for the transfer of the custodial property. (E) A custodian may designate one or more successor custodians by transferring the property of any type specified in division (A) of section 5814.02 of the Revised Code, other than real estate, in the manner and form provided in that division, to self as custodian, followed by the designation of the successor custodian or custodians in the manner and form provided in division (F) of section 5814.02 of the Revised Code. A custodian may designate one or more successor custodians of real property by designating the successor custodian or custodians in the manner and form provided in sections 5302.22 to 5302.23 of the Revised Code. A designation of a successor custodian or custodians by the custodian shall replace any previous designation of successor custodians by the donor, transferor, or previous custodian. (F) If no eligible successor custodian is designated by the donor, transferor, trustee, executor, or administrator pursuant to division (F) of section 5814.02 of the Revised Code or in the donor's or transferor's will or trust, or by the custodian in the custodian's will pursuant to division (D) of this section or by transfer pursuant to division (E) of this section, the legal representative of a custodian who is deceased or is adjudged to be an incompetent by a court may designate a successor custodian. If the court in which the estate or guardianship proceedings relative to the custodian are pending approves the designation, the designation shall be regarded as having been effective as of the date of the death of the custodian or as of the date the custodian was adjudged to be an incompetent. Upon the approval of the court, the legal representative of the custodian shall cause the custodial property to be transferred or registered in the name of the successor custodian as provided in divisions (D)(1) to (3) of this section. (G) If a person or entity designated as successor custodian is not eligible, or renounces or dies before the minor attains the age of twenty-one years or before the minor attains the age at which the custodian is required under section 5814.09 of the Revised Code to deliver the custodial property to the minor, or if the custodian dies without designating a successor custodian and division (F) of this section does not apply because the custodian does not have a legal representative, the guardian of the minor shall be the successor custodian. If the minor does not have a guardian, a donor or transferor, the legal representative of the donor or transferor, the legal representative of the custodian, a member of the minor's family who is eighteen years of age or older, or the minor, if the minor has attained the age of fourteen years, may petition the court for the designation of a successor custodian. (H) A donor or transferor, the legal representative of a donor or transferor, a member of the minor's family who is eighteen years of age or older, a guardian of the minor, or the minor, if the minor has attained the age of fourteen years, may petition the court that, for cause shown in the petition, the custodian be removed and a successor custodian be designated or, in the alternative, that the custodian be required to give bond for the performance of the custodian's duties. (I) Upon the filing of a petition as provided in this section, the court shall grant an order, directed to the persons and returnable on any notice that the court may require, to show cause why the relief prayed for in the petition should not be granted and, in due course, grant any relief that the court finds to be in the best interests of the minor.
Ohio Rev. Code § 5815.04 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.04
§ 5815.04. Uniform fiduciary act definitions
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly As used in sections 5815.04 to 5815.11 of the Revised Code: (A) "Bank" includes any person, carrying on the business of banking and any financial institution defined in section 5725.01 of the Revised Code. (B) "Fiduciary" includes a trustee under any trust, expressed, implied, resulting, or constructive, an executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust, or estate. (C) "Person" includes a corporation, partnership, association, or two or more persons having a joint or common interest. (D) "Principal" includes any person to whom a fiduciary as such owes an obligation. (E) "Good faith" includes an act when it is in fact done honestly.
Ohio Rev. Code § 5804.05 — Ohio Revised Code / Title 58 / Chapter 5804 / § 5804.05
§ 5804.05. Purposes of charitable trust - enforcement
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to the community. (B) If the terms of a charitable trust do not indicate a particular charitable purpose or beneficiary, the court may select one or more charitable purposes or beneficiaries. The selection must be consistent with the settlor's intention to the extent it can be ascertained. (C) The settlor of a charitable trust, among others, may maintain a proceeding to enforce the trust.
Ohio Rev. Code § 5815.22 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.22
§ 5815.22. Spendthrift provisions
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A)(1) Except as provided in divisions (A)(2), (3), and (4) of this section, a spendthrift provision in an instrument that creates an inter vivos or testamentary trust shall not cause any forfeiture or postponement of any interest in property that satisfies both of the following: (a) It is granted to a surviving spouse of the testator or other settlor. (b) It qualifies for the federal estate tax marital deduction allowed by Subtitle B, Chapter 11, of the "Internal Revenue Code of 1986," 26 U.S.C.A. 2056, as amended, the estate tax marital deduction allowed by division (A) of section 5731.15 of the Revised Code, or the qualified terminable interest property deduction allowed by division (B) of section 5731.15 of the Revised Code. (2) Division (A)(1) of this section does not apply if an instrument that creates an inter vivos or testamentary trust expressly states the intention of the testator or other settlor that obtaining a marital deduction or a qualified terminable interest property deduction as described in division (A)(1)(b) of this section is less important than enforcing the forfeiture or postponement of the interest in property in accordance with the spendthrift provision in the instrument. (3) Division (A)(1) of this section applies only to the forfeiture or postponement portions of a spendthrift provision and does not apply to any portion of a spendthrift provision that prohibits a beneficiary from assigning, alienating, or otherwise disposing of any beneficial interest in a trust or prohibits a creditor of a beneficiary from attaching or otherwise encumbering the trust estate. (4) Division (A)(1) of this section does not apply to any beneficiary of an inter vivos or testamentary trust other than the surviving spouse of the testator or other settlor or to any inter vivos or testamentary trust of which the surviving spouse of the testator or other settlor is a beneficiary if an interest in property does not qualify for a marital deduction or a qualified terminable interest property deduction as described in division (A)(1)(b) of this section. (B)(1) Except as provided in divisions (B)(2) and (3) of this section, if an instrument creating an inter vivos or testamentary trust includes a spendthrift provision and the trust holds shares in an S corporation, the spendthrift provision shall not cause any forfeiture or postponement of any beneficial interest, income, principal, or other interest in the shares of the S corporation held by the trust. For purposes of division (B)(1) of this section, "S corporation" has the same meaning as in section 1361 of the "Internal Revenue Code of 1986," 26 U.S.C. 1361. (2) Division (B)(1) of this section does not apply if an instrument that creates an inter vivos or testamentary trust expressly states the intention of the testator or other settlor that maintenance of the corporation's status as an S corporation is less important than enforcing the forfeiture or postponement of any beneficial interest, income, principal, or other interest in the S corporation shares in accordance with the spendthrift provision in the instrument. (3) Division (B)(1) of this section applies only to the forfeiture or postponement portions of a spendthrift provision and does not apply to any portion of a spendthrift provision that prohibits a beneficiary from assigning, alienating, or otherwise disposing of any beneficial interest in a trust or prohibits a creditor of a beneficiary from attaching or otherwise encumbering the trust estate. (C)(1) Except as provided in divisions (C)(2) and (3) of this section, a spendthrift provision in an instrument that creates an inter vivos or testamentary trust shall not cause any forfeiture or postponement of any interest in property that satisfies both of the following: (a) It is granted to a person who is a skip person under the federal generation-skipping transfer tax imposed by Subtitle B, Chapter 13, of the "Internal Revenue Code of 1986," 26 U.S.C.A. 2601-2663, as amended. (b) It qualifies as a nontaxable gift under section 2642(c) of the "Internal Revenue Code of 1986," 26 U.S.C.A. 2642(c). (2) Division (C)(1) of this section does not apply if an instrument that creates an inter vivos or testamentary trust expressly states the intention of the testator or other settlor that qualifying as a nontaxable trust gift as described in division (C)(1)(b) of this section is less important than enforcing the forfeiture or postponement of the interest in property in accordance with the spendthrift provision in the instrument. (3) Division (C)(1) of this section applies only to the forfeiture or postponement portions of a spendthrift provision and does not apply to any portion of a spendthrift provision that prohibits a beneficiary from assigning, alienating, or otherwise disposing of any beneficial interest in a trust or prohibits a creditor of a beneficiary from attaching or otherwise encumbering the trust estate. (D) Divisions (A), (B), and (C) of this section are intended to codify certain fiduciary and trust law principles relating to the interpretation of a testator's or other settlor's intent with respect to the provisions of a trust. Divisions (A), (B), and (C) of this section apply to trust instruments executed prior to and existing on August 29, 2000, and to trust instruments executed on or after August 29, 2000.
Ohio Rev. Code § 5817.14 — Ohio Revised Code / Title 58 / Chapter 5817 / § 5817.14
§ 5817.14. Admissibility of evidence
Status: in_force

March 22, 2019 House Bill 595 - 132nd General Assembly (A) The finding of facts by a court in a proceeding brought under this chapter is not admissible as evidence in any proceeding other than a proceeding brought to determine the validity of a will or trust. (B) The determination or judgment rendered in a proceeding under this chapter is not binding upon the parties to that proceeding in any action that is not brought to determine the validity of a will or trust. (C) The failure of a testator to file a complaint for a judgment declaring the validity of a will that the testator has executed is not admissible as evidence in any proceeding to determine the validity of that will or any other will executed by the testator. (D) The failure of a settlor to file a complaint for a judgment declaring the validity of a trust that the settlor has executed is not admissible as evidence in any proceeding to determine the validity of that trust or any other trust executed by the settlor. Last updated May 6, 2021 at 5:28 PM Disclaimer Contact About
Ohio Rev. Code § 5816.12 — Ohio Revised Code / Title 58 / Chapter 5816 / § 5816.12
§ 5816.12. Rules regarding discretion
Status: in_force

March 27, 2013 House Bill 479 - 129th General Assembly Except to the extent expressly provided otherwise by the terms of a legacy trust instrument, each trustee and each advisor of a legacy trust shall have the greatest discretion permitted by law in connection with all matters of trust administration, all trust distributions, and all other trustee or advisor decisions.
Ohio Rev. Code § 5807.09 — Ohio Revised Code / Title 58 / Chapter 5807 / § 5807.09
§ 5807.09. Reimbursement of trustee for administrative expenses
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for expenses that were properly incurred in the administration of the trust and, to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust. (B) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest. Disclaimer Contact About
Ohio Rev. Code § 5815.25 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.25
§ 5815.25. Administrative duties and responsibilities of trust; exclusion of fiduciaries
Status: in_force

March 27, 2013 House Bill 479 - 129th General Assembly (A) As used in this section, "fiduciary" means a trustee under any testamentary, inter vivos, or other trust, an executor or administrator, or any other person who is acting in a fiduciary capacity for any person, trust, or estate. (B) If an instrument or other applicable written agreement describes, appoints, or directs a fiduciary to handle only the administrative duties and responsibilities of a trust, that administrative fiduciary shall not have any duties, responsibilities, or liabilities to the trust beneficiaries or to other persons interested in a trust except for those administrative duties and responsibilities specifically described in the instrument or written agreement. The administrative duties and responsibilities of a trust under this division may include any of the following: (1) Opening and maintaining bank, brokerage, financial, or other custodial accounts to receive trust income or contributions and from which trust expenditures, bills, and distributions may be disbursed; (2) Maintaining and handling trust records, reports, correspondence, or communications; (3) Maintaining an office for trust business; (4) Filing any trust tax returns; (5) Employing agents in connection with the fiduciary's administrative duties; (6) Taking custody of or storing trust property; (7) Any other similar administrative duties for the trust. (C) If an instrument under which a fiduciary acts reserves to the grantor, or vests in an advisory or investment committee or in one or more other persons, including one or more fiduciaries, to the exclusion of the fiduciary or of one or more of several fiduciaries, any power, including, but not limited to, the authority to direct the acquisition, disposition, or retention of any investment or the power to authorize any act that an excluded fiduciary may propose, any excluded fiduciary is not liable, either individually or as a fiduciary, for either of the following: (1) Any loss that results from compliance with an authorized direction of the grantor, committee, person, or persons; (2) Any loss that results from a failure to take any action proposed by an excluded fiduciary that requires a prior authorization of the grantor, committee, person, or persons if that excluded fiduciary timely sought but failed to obtain that authorization. (D) Any administrative fiduciary as described in division (B) of this section or any excluded fiduciary as described in division (C) of this section is relieved from any obligation to perform investment reviews and make recommendations with respect to any investments to the extent the grantor, an advisory or investment committee, or one or more other persons have authority to direct the acquisition, disposition, or retention of any investment. (E) This section does not apply to the extent that the instrument under which an administrative fiduciary as described in division (B) of this section or an excluded fiduciary as described in division (C) of this section contains provisions that are inconsistent with this section.
Ohio Rev. Code § 5815.14 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.14
§ 5815.14. Release and disclaimer of a power
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly Any power of appointment may be released in whole or in part by the donee or holder of the power by an instrument in writing, signed and acknowledged in the manner prescribed for the execution of deeds. No such release is ineffective because it was given either for or without consideration, because it was signed and acknowledged before June 3, 1943, or because no delivery is made of a copy of the release as provided for in section 5815.15 of the Revised Code. Sections 5815.14 and 5815.15 of the Revised Code do not affect the validity of a release of a power of appointment effected in any other form or manner. A donee or holder of a power of appointment may disclaim the same at any time, wholly or in part, in the same manner and to the same extent as the donee or holder of the power might release it.
Ohio Rev. Code § 5812.18 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.18
§ 5812.18. Character of receipts
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) As used in this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or estate to which section 5812.19 of the Revised Code applies, a business or activity to which section 5812.20 of the Revised Code applies, or an asset-backed security to which section 5812.38 of the Revised Code applies. (B) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity. (C) A trustee shall allocate all of the following receipts from an entity to principal: (1) Property other than money; (2) Money received in one distribution or a series of related distributions in exchange for part or all of a trust's interest in the entity; (3) Money received in total or partial liquidation of the entity; (4) Money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a capital gain dividend for federal income tax purposes. (D) Money is received in partial liquidation in either of the following circumstances: (1) To the extent that the entity, at or near the time of a distribution, indicates that it is a distribution in partial liquidation; (2) If the total amount of money and property received in a distribution or series of related distributions is greater than twenty per cent of the entity's gross assets, as shown by the entity's year-end financial statements immediately preceding the initial receipt. (E) Money is not received in partial liquidation, nor shall it be taken into account under division (D)(2) of this section, to the extent that it does not exceed the amount of income tax that a trustee or beneficiary must pay on taxable income of the entity that distributes the money. (F) A trustee may rely upon a statement made by an entity about the source or character of a distribution if the statement is made at or near the time of distribution by the entity's board of directors or other person or group of persons authorized to exercise powers to pay money or transfer property comparable to those of a corporation's board of directors.
Ohio Rev. Code § 5805.03 — Ohio Revised Code / Title 58 / Chapter 5805 / § 5805.03
§ 5805.03. Creditors of discretionary trust beneficiary may not reach interest
Status: in_force

September 12, 2008 House Bill 499 - 127th General Assembly Notwithstanding anything to the contrary in division (B) of section 5805.02 of the Revised Code, no creditor or assignee of a beneficiary of a wholly discretionary trust may reach the beneficiary's interest in the trust, or a distribution by the trustee before its receipt by the beneficiary, whether by attachment of present or future distributions to or for the benefit of the beneficiary, by judicial sale, by obtaining an order compelling the trustee to make distributions from the trust, or by any other means, regardless of whether the terms of the trust include a spendthrift provision.
Ohio Rev. Code § 5815.36 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.36
§ 5815.36. Disclaiming testamentary and nontestamentary succession to real and personal property
Status: in_force

March 27, 2013 House Bill 479 - 129th General Assembly (A) As used in this section: (1) "Disclaimant" means any person, any guardian or personal representative of a person or estate of a person, or any attorney-in-fact or agent of a person having a general or specific authority to act granted in a written instrument, who is any of the following: (a) With respect to testamentary instruments and intestate succession, an heir, next of kin, devisee, legatee, donee, person succeeding to a disclaimed interest, surviving joint tenant, surviving tenant by the entireties, surviving tenant of a tenancy with a right of survivorship, beneficiary under a testamentary instrument, or person designated to take pursuant to a power of appointment exercised by a testamentary instrument; (b) With respect to nontestamentary instruments, a grantee, donee, person succeeding to a disclaimed interest, surviving joint tenant, surviving tenant by the entireties, surviving tenant of a tenancy with a right of survivorship, beneficiary under a nontestamentary instrument, or person designated to take pursuant to a power of appointment exercised by a nontestamentary instrument; (c) With respect to fiduciary rights, privileges, powers, and immunities, a fiduciary under a testamentary or nontestamentary instrument. Division (A)(1)(c) of this section does not authorize a fiduciary who disclaims fiduciary rights, privileges, powers, and immunities to cause the rights of any beneficiary to be disclaimed unless the instrument creating the fiduciary relationship authorizes the fiduciary to make such a disclaimer. (d) Any person entitled to take an interest in property upon the death of a person or upon the occurrence of any other event. (2) "Personal representative" includes any fiduciary as defined in section 2109.01 of the Revised Code and any executor, trustee, guardian, or other person or entity having a fiduciary relationship with regard to any interest in property passing to the fiduciary, executor, trustee, guardian, or other person or entity by reason of a disclaimant's death. (3) "Property" means all forms of property, real and personal, tangible and intangible. (B)(1) A disclaimant, other than a fiduciary under an instrument who is not authorized by the instrument to disclaim the interest of a beneficiary, may disclaim, in whole or in part, the succession to any property by executing and by delivering, filing, or recording a written disclaimer instrument in the manner provided in this section. (2) A disclaimant who is a fiduciary under an instrument may disclaim, in whole or in part, any right, power, privilege, or immunity, by executing and by delivering, filing, or recording a written disclaimer instrument in the manner provided in this section. (3) The written instrument of disclaimer shall be signed and acknowledged by the disclaimant and shall contain all of the following: (a) A reference to the donative instrument; (b) A description of the property, part of property, or interest disclaimed, and of any fiduciary right, power, privilege, or immunity disclaimed; (c) A declaration of the disclaimer and its extent. (4) The guardian of the estate of a minor or an incompetent, or the personal representative of a deceased person, whether or not authorized by the instrument to disclaim, with the consent of the probate division of the court of common pleas may disclaim, in whole or in part, the succession to any property, or interest in property, that the ward, if an adult and competent, or the deceased, if living, might have disclaimed. The guardian or personal representative, or any interested person may file an application with the probate division of the court of common pleas that has jurisdiction of the estate, asking that the court order the guardian or personal representative to execute and deliver, file, or record the disclaimer on behalf of the ward, estate, or deceased person. The court shall order the guardian or personal representative to execute and deliver, file, or record the disclaimer if the court finds, upon hearing after notice to interested parties and such other persons as the court shall direct, that: (a) It is in the best interests of those interested in the estate of the person and of those who will take the disclaimed interest; (b) It would not materially, adversely affect the minor or incompetent, or the beneficiaries of the estate of the decedent, taking into consideration other available resources and the age, probable life expectancy, physical and mental condition, and present and reasonably anticipated future needs of the minor or incompetent or the beneficiaries of the estate of the decedent. A written instrument of disclaimer ordered by the court under this division shall be executed and be delivered, filed, or recorded within the time and in the manner in which the person could have disclaimed if the person were living, an adult, and competent. (C) A partial disclaimer of property that is subject to a burdensome interest created by the donative instrument is not effective unless the disclaimed property constitutes a gift that is separate and distinct from undisclaimed gifts. (D) The disclaimant shall deliver, file, or record the disclaimer, or cause the same to be done, prior to accepting any benefits of the disclaimed interest and at any time after the latest of the following dates: (1) The effective date of the donative instrument if both the taker and the taker's interest in the property are finally ascertained on that date; (2) The date of the occurrence of the event upon which both the taker and the taker's interest in the property become finally ascertainable; (3) The date on which the disclaimant attains eighteen years of age or is no longer an incompetent, without tendering or repaying any benefit received while the disclaimant was under eighteen years of age or an incompetent, and even if a guardian of a minor or incompetent had filed an application pursuant to division (B)(4) of this section and the probate division of the court of common pleas involved did not consent to the guardian executing a disclaimer. (E) No disclaimer instrument is effective under this section if either of the following applies under the terms of the disclaimer instrument: (1) The disclaimant has power to revoke the disclaimer. (2) The disclaimant may transfer, or direct to be transferred, to self the entire legal and equitable ownership of the property subject to the disclaimer instrument. (F)(1) Subject to division (F)(2) of this section, if the interest disclaimed is created by a nontestamentary instrument, including, but not limited to, a transfer on death designation affidavit pursuant to section 5302.22 of the Revised Code, the disclaimer instrument shall be delivered personally or by certified mail to the trustee or other person who has legal title to, or possession of, the property disclaimed. If the interest disclaimed is created by a transfer on death designation affidavit pursuant to section 5302.22 of the Revised Code, the disclaimer instrument shall be filed with the county recorder of the county in which the real property that is the subject of that affidavit is located. (2) If the interest disclaimed is created by a testamentary instrument, by intestate succession, or by a certificate of title to a motor vehicle, watercraft, or outboard motor that evidences ownership of the motor vehicle, watercraft, or outboard motor that is transferable on death pursuant to section 2131.13 of the Revised Code, the disclaimer instrument shall be filed in the probate division of the court of common pleas in the county in which proceedings for the administration of the decedent's estate have been commenced, and an executed copy of the disclaimer instrument shall be delivered personally or by certified mail to the personal representative of the decedent's estate. (3) If no proceedings for the administration of the decedent's estate have been commenced, the disclaimer instrument shall be filed in the probate division of the court of common pleas in the county in which proceedings for the administration of the decedent's estate might be commenced according to law. The disclaimer instrument shall be filed and indexed, and fees charged, in the same manner as provided by law for an application to be appointed as personal representative to administer the decedent's estate. The disclaimer is effective whether or not proceedings thereafter are commenced to administer the decedent's estate. If proceedings thereafter are commenced for the administration of the decedent's estate, they shall be filed under, or consolidated with, the case number assigned to the disclaimer instrument. (4) If an interest in real estate is disclaimed, an executed copy of the disclaimer instrument also shall be recorded in the office of the recorder of the county in which the real estate is located. The disclaimer instrument shall include a description of the real estate with sufficient certainty to identify it, and shall contain a reference to the record of the instrument that created the interest disclaimed. If title to the real estate is registered under Chapters 5309. and 5310. of the Revised Code, the disclaimer interest shall be entered as a memorial on the last certificate of title. A spouse of a disclaimant has no dower or other interest in the real estate disclaimed. (G) If a donative instrument expressly provides for the distribution of property, part of property, or interest in property if there is a disclaimer, the property, part of property, or interest disclaimed shall be distributed or disposed of, and accelerated or not accelerated, in accordance with the donative instrument. In the absence of express provisions to the contrary in the donative instrument, the property, part of property, or interest in property disclaimed, and any future interest that is to take effect in possession or enjoyment at or after the termination of the interest disclaimed, shall descend, be distributed, or otherwise be disposed of, and shall be accelerated, in the following manner: (1) If intestate or testate succession is disclaimed, as if the disclaimant had predeceased the decedent; (2) If the disclaimant is one designated to take pursuant to a power of appointment exercised by a testamentary instrument, as if the disclaimant had predeceased the donee of the power; (3) If the donative instrument is a nontestamentary instrument, as if the disclaimant had died before the effective date of the nontestamentary instrument; (4) If the disclaimer is of a fiduciary right, power, privilege, or immunity, as if the right, power, privilege, or immunity was never in the donative instrument. (H) A disclaimer pursuant to this section is effective as of, and relates back for all purposes to, the date upon which the taker and the taker's interest have been finally ascertained. (I) A disclaimant who has a present and future interest in property, and disclaims the disclaimant's present interest in whole or in part, is considered to have disclaimed the disclaimant's future interest to the same extent, unless a contrary intention appears in the disclaimer instrument or the donative instrument. A disclaimant is not precluded from receiving, as an alternative taker, a beneficial interest in the property disclaimed, unless a contrary intention appears in the disclaimer instrument or in the donative instrument. (J) The disclaimant's right to disclaim under this section is barred if the disclaimant does any of the following: (1) Assigns, conveys, encumbers, pledges, or transfers, or contracts to assign, convey, encumber, pledge, or transfer, the property or any interest in it; (2) Waives in writing the disclaimant's right to disclaim and executes and delivers, files, or records the waiver in the manner provided in this section for a disclaimer instrument; (3) Accepts the property or an interest in it; (4) Permits or suffers a sale or other disposition of the property pursuant to judicial action against the disclaimant. (K) Neither a fiduciary's application for appointment or assumption of duties as a fiduciary nor a beneficiary's application for appointment as a personal representative or fiduciary waives or bars the disclaimant's right to disclaim a right, power, privilege, or immunity as a personal representative or fiduciary or the beneficiary's right to disclaim property. (L) The right to disclaim under this section exists irrespective of any limitation on the interest of the disclaimant in the nature of a spendthrift provision or similar restriction. (M) A disclaimer instrument or written waiver of the right to disclaim that has been executed and delivered, filed, or recorded as required by this section is final and binding upon all persons. (N)(1) The right to disclaim and the procedures for disclaimer established by this section are in addition to, and do not exclude or abridge, any other rights or procedures that exist or formerly existed under any other section of the Revised Code or at common law to assign, convey, release, refuse to accept, renounce, waive, or disclaim property. (2) A disclaimer is not considered a transfer or conveyance by the disclaimant, and no creditor of a disclaimant may avoid a disclaimer. (3) This section shall take precedence over any other section of the Revised Code that conflicts with this section. (O)(1) No person is liable for distributing or disposing of property in a manner inconsistent with the terms of a valid disclaimer if the distribution or disposition is otherwise proper and the person has no actual knowledge of the disclaimer. (2) No person is liable for distributing or disposing of property in reliance upon the terms of a disclaimer that is invalid because the right of disclaimer has been waived or barred if the distribution or disposition is otherwise proper and the person has no actual knowledge of the facts that constitute a waiver or bar to the right to disclaim. (P)(1) A disclaimant may disclaim pursuant to this section any interest in property that is in existence on September 27, 1976, if either the interest in the property or the taker of the interest in the property is not finally ascertained on that date. (2) No disclaimer executed pursuant to this section destroys or diminishes an interest in property that exists on September 27, 1976, in any person other than the disclaimant. (Q) This section may be applied separately to different interests or powers created in the disclaimant by the same testamentary or nontestamentary instrument.
Ohio Rev. Code § 5801.04 — Ohio Revised Code / Title 58 / Chapter 5801 / § 5801.04
§ 5801.04. Trustee powers, duties, and relations - beneficiaries' rights
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) Except as otherwise provided in the terms of the trust, Chapters 5801. to 5811. of the Revised Code govern the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary. (B) The terms of a trust prevail over any provision of Chapters 5801. to 5811. of the Revised Code except the following: (1) The requirements for creating a trust; (2) The duty of a trustee to act in good faith and in accordance with the purposes of the trust; (3) The requirement that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve; (4) The power of the court to modify or terminate a trust under sections 5804.10 to 5804.16 of the Revised Code; (5) The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Chapter 5805. of the Revised Code; (6) The power of the court under section 5807.02 of the Revised Code to require, dispense with, or modify or terminate a bond; (7) The power of the court under division (B) of section 5807.08 of the Revised Code to adjust a trustee's compensation specified in the terms of the trust which is unreasonably low or high; (8) Subject to division (C) of this section, the duty under divisions (B)(2) and (3) of section 5808.13 of the Revised Code to notify current beneficiaries of an irrevocable trust who have attained twenty-five years of age of the existence of the trust, of the identity of the trustee, and of their right to request trustee's reports; (9) Subject to division (C) of this section, the duty under division (A) of section 5808.13 of the Revised Code to respond to the request of a current beneficiary of an irrevocable trust for trustee's reports and other information reasonably related to the administration of a trust; (10) The effect of an exculpatory term under section 5810.08 of the Revised Code; (11) The rights under sections 5810.10 to 5810.13 of the Revised Code of a person other than a trustee or beneficiary; (12) Periods of limitation for commencing a judicial proceeding; (13) The power of the court to take any action and exercise any jurisdiction that may be necessary in the interests of justice; (14) The subject-matter jurisdiction of the court for commencing a proceeding as provided in section 5802.03 of the Revised Code. (C) With respect to one or more of the current beneficiaries, the settlor, in the trust instrument, may waive or modify the duties of the trustee described in divisions (B)(8) and (9) of this section. The waiver or modification may be made only by the settlor designating in the trust instrument one or more beneficiary surrogates to receive any notices, information, or reports otherwise required under those divisions to be provided to the current beneficiaries. If the settlor makes a waiver or modification pursuant to this division, the trustee shall provide the notices, information, and reports to the beneficiary surrogate or surrogates in lieu of providing them to the current beneficiaries. The beneficiary surrogate or surrogates shall act in good faith to protect the interests of the current beneficiaries for whom the notices, information, or reports are received. A waiver or modification made under this division shall be effective for so long as the beneficiary surrogate or surrogates, or their successor or successors designated in accordance with the terms of the trust instrument, act in that capacity.
Ohio Rev. Code § 5810.02 — Ohio Revised Code / Title 58 / Chapter 5810 / § 5810.02
§ 5810.02. Liability to beneficiaries for breach - contribution
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of the following: (1) The amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; (2) The profit the trustee made by reason of the breach. (B) Except as otherwise provided in this division, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees. A trustee is not entitled to contribution if the trustee was substantially more at fault than another trustee or if the trustee committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. A trustee who received a benefit from the breach of trust is not entitled to contribution from another trustee to the extent of the benefit received.
Ohio Rev. Code § 5805.04 — Ohio Revised Code / Title 58 / Chapter 5805 / § 5805.04
§ 5805.04. Creditor may not compel discretionary distribution - exceptions
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) As used in this section, "child" includes any person for whom an order or judgment for child support has been entered in this or any other state. (B) Except as otherwise provided in divisions (C) and (D) of this section, whether or not a trust contains a spendthrift provision, a creditor of a beneficiary may not compel a distribution that is subject to the trustee's discretion, even if the discretion is expressed in the form of a standard of distribution or the trustee has abused the discretion. (C) Division (B) of this section does not apply to this state for any claim for support of a beneficiary in a state institution if the terms of the trust do not include a spendthrift provision and do include a standard for distributions to or for the beneficiary under which the trustee may make distributions for the beneficiary's support. (D) Unless the settlor has explicitly provided in the trust that the beneficiary's child or spouse or both are excluded from benefiting from the trust, to the extent a trustee of a trust that is not a wholly discretionary trust has not complied with a standard of distribution or has abused a discretion, both of the following apply: (1) The court may order a distribution to satisfy a judgment or court order against the beneficiary for support of the beneficiary's child or spouse, provided that the court may order the distributions only if distributions can be made for the beneficiary's support under the terms of the trust and that the court may not order any distributions under this division to satisfy a judgment or court order against the beneficiary for support of the beneficiary's former spouse. (2) The court shall direct the trustee to pay to the child or spouse the amount that is equitable under the circumstances but not more than the amount the trustee would have been required to distribute to or for the benefit of the beneficiary had the trustee complied with the standard or not abused the discretion. (E) Even if a trust does not contain a spendthrift provision, to the extent a beneficiary's interest in a trust is subject to the exercise of the trustee's discretion, whether or not such discretion is subject to one or more standards of distribution, the interest may not be ordered sold to satisfy or partially satisfy a claim of the beneficiary's creditor or assignee. (F) If the trustee's or cotrustee's discretion to make distributions for the trustee's or cotrustee's own benefit is limited by an ascertainable standard, a creditor may not reach or compel distribution of the beneficial interest except to the extent the interest would be subject to the creditor's claim if the beneficiary were not acting as trustee or cotrustee.
Ohio Rev. Code § 5817.05 — Ohio Revised Code / Title 58 / Chapter 5817 / § 5817.05
§ 5817.05. Testator complaint; party defendants
Status: in_force

March 22, 2019 House Bill 595 - 132nd General Assembly (A) A complaint under section 5817.02 of the Revised Code shall name as party defendants all of the following, as applicable: (1) The testator's spouse; (2) The testator's children; (3) The testator's heirs who would take property pursuant to section 2105.06 of the Revised Code had the testator died intestate at the time the complaint is filed; (4) The testator's beneficiaries under the will; (5) Any beneficiary under the testator's most recent prior will. (B) A complaint under section 5817.02 of the Revised Code may name as a party defendant any other person that the testator believes may have a pecuniary interest in the determination of the validity of the testator's will. (C) A complaint under section 5817.02 of the Revised Code may contain all or any of the following: (1) A statement that a copy of the will has been filed with the court; (2) A statement that the will is in writing; (3) A statement that the will was signed by the testator, or was signed in the testator's name by another person in the testator's conscious presence and at the testator's express direction; (4) A statement that the will was signed in the conscious presence of the testator by two or more competent individuals, each of whom either witnessed the testator sign the will, or heard the testator acknowledge signing the will; (5) A statement that the will was executed with the testator's testamentary intent; (6) A statement that the testator had testamentary capacity; (7) A statement that the testator executed the will free from undue influence, not under restraint or duress, and in the exercise of the testator's free will; (8) A statement that the execution of the will was not the result of fraud or mistake; (9) The names and addresses of the testator and all of the defendants and, if any of the defendants are minors, their ages; (10) A statement that the will has not been revoked or modified; (11) A statement that the testator is familiar with the contents of the will.
Ohio Rev. Code § 5815.03 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.03
§ 5815.03. Issuer of securities may treat holders of record as competent
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly Unless there has been delivered to an issuer a certified copy of an order, judgment, or decree of a court, judge, or administrative body or official, the legal effect of which is to restrict, suspend, or remove such capacity or authority, the issuer may treat all persons in whose names its securities are of record on its records as being of full age and competent and as having capacity and authority to exercise all rights of ownership in respect of the securities, including the right to receive and to give receipts for payments and distributions, the right to transfer the securities, and the right to vote or to give consent in person or by proxy, notwithstanding any description, limitation, or qualification appearing on the securities or on the records, any reference thereon to another instrument or to any fiduciary or pledgee or other relationship, or any knowledge or notice, actual or constructive, of the right, interest, or claim of any other person or of the infancy or lack of capacity or authority of the persons in whose names the securities are of record. The issuer may treat a fiduciary as having capacity and authority to exercise all rights of ownership in respect of the securities that are of record in the name of a decedent holder, of a person in conservation, receivership, or bankruptcy, or of a minor, incompetent person, or person under disability, and the issuer shall be protected in any action taken or suffered by it in reliance upon any instrument showing the appointment of the fiduciary. The issuer is not liable for loss caused by any act done or omitted by it under this section. The issuer need not see to the execution of any trust, or to the observance or performance of any obligation of a holder of record, a fiduciary, or a pledgee of the securities, and it need not inquire or inform itself concerning those matters. This section does not enlarge the capacity, right, or authority of any holder of record of the securities as against any person other than the issuer, nor prevent any court of competent jurisdiction from enforcing or protecting any right, title, or interest in the securities in any person who is not a holder of record the securities. This section does not protect any issuer who participates with a fiduciary in a breach of the fiduciary's trust with knowledge of such facts that the action of the issuer amounts to bad faith.
Ohio Rev. Code § 5808.19 — Ohio Revised Code / Title 58 / Chapter 5808 / § 5808.19
§ 5808.19. Anti-lapse provisions; survivorship with respect to future interests; substitute gifts
Status: in_force

March 22, 2019 House Bill 595 - 132nd General Assembly (A) As used in this section, unless otherwise provided in any other provision in this section: (1) "Beneficiary" means the beneficiary of a future interest and includes a class member if the future interest is in the form of a class gift. (2) "Class member" means an individual who fails to survive the distribution date by at least one hundred twenty hours but who would have taken under a future interest in the form of a class gift had the individual survived the distribution date by at least one hundred twenty hours. (3) "Descendant of a grandparent of the transferor" means an individual who would qualify as a descendant of a grandparent of the transferor under the rules of construction that would apply to a class gift under the transferor's will to the descendants of the transferor's grandparent. (4) "Distribution date," with respect to a future interest, means the time when the future interest is to take effect in possession or enjoyment. The distribution date need not occur at the beginning or end of a calendar day but may occur at a time during the course of a day. (5) "Future interest" means an alternative future interest or a future interest in the form of a class gift. (6) "Future interest under the terms of a trust" means a future interest that was created by a transfer creating a trust or a transfer to an existing trust, or by an exercise of a power of appointment to an existing trust, that directs the continuance of an existing trust, designates a beneficiary of an existing trust, or creates a trust. (7) "Per stirpes" means that the shares of the descendants of a beneficiary who does not survive the distribution date by at least one hundred twenty hours are determined in the same way they would have been determined under division (A) of section 2105.06 of the Revised Code if the beneficiary had died intestate and unmarried on the distribution date. (8) "Revocable trust" means a trust that was revocable immediately before the settlor's death by the settlor alone or by the settlor with the consent of any person other than a person holding an adverse interest. A trust's characterization as revocable is not affected by the settlor's lack of capacity to exercise the power of revocation, regardless of whether an agent of the settlor under a power of attorney, or a guardian of the person or estate of the settlor, was serving. (9) "Stepchild" means a child of the surviving, deceased, or former spouse of the transferor and not of the transferor. (10) "Transferor" means any of the following: (a) The donor and donee of a power of appointment, if the future interest was in property as a result of the exercise of a power of appointment; (b) The testator, if the future interest was devised by will; (c) The settlor, if the future interest was conveyed by inter vivos trust. (B)(1)(a) As used in "surviving descendants" in divisions (B)(2)(b)(i) and (ii) of this section, "descendants" means the descendants of a deceased beneficiary or class member who would take under a class gift created in the trust. (b) As used in divisions (B)(2)(b)(i) and (ii) of this section, "surviving beneficiaries" or "surviving descendants" means beneficiaries or descendants, whichever is applicable, who survive the distribution date by at least one hundred twenty hours. (2) Unless a contrary intent appears in the instrument creating a future interest under the terms of a trust, each of the following applies: (a) A future interest under the terms of a trust is contingent on the beneficiary's surviving the distribution date by at least one hundred twenty hours. (b) If a beneficiary of a future interest under the terms of a trust does not survive the distribution date by at least one hundred twenty hours and if the beneficiary is a grandparent of the transferor, a descendant of a grandparent of the transferor, or a stepchild of the transferor, either of the following applies: (i) If the future interest is not in the form of a class gift and the deceased beneficiary leaves surviving descendants, a substitute gift is created in the beneficiary's surviving descendants. The surviving descendants take, per stirpes, the property to which the beneficiary would have been entitled had the beneficiary survived the distribution date by at least one hundred twenty hours. (ii) If the future interest is in the form of a class gift, other than a future interest to "issue," "descendants," "heirs of the body," "heirs," "next of kin," "relatives," or "family," or a class described by language of similar import that includes more than one generation, a substitute gift is created in the surviving descendants of the deceased beneficiary or beneficiaries. The property to which the beneficiaries would have been entitled had all of them survived the distribution date by at least one hundred twenty hours passes to the surviving beneficiaries and the surviving descendants of the deceased beneficiaries. Each surviving beneficiary takes the share to which the surviving beneficiary would have been entitled had the deceased beneficiaries survived the distribution date by at least one hundred twenty hours. Each deceased beneficiary's surviving descendants who are substituted for the deceased beneficiary take, per stirpes, the share to which the deceased beneficiary would have been entitled had the deceased beneficiary survived the distribution date by at least one hundred twenty hours. For purposes of division (B)(2)(b)(ii) of this section, "deceased beneficiary" means a class member who failed to survive the distribution date by at least one hundred twenty hours and left one or more surviving descendants. (C) For purposes of this section, each of the following applies: (1) Describing a class of beneficiaries as "surviving" or "living," without specifying when the beneficiaries must be surviving or living, such as a gift "for my spouse for life, then to my surviving (or living) children," is not, in the absence of other language in the trust instrument or other evidence to the contrary, a sufficient indication of an intent to negate the application of division (B)(2)(b) of this section. (2) Subject to division (C)(1) of this section, attaching words of survivorship to a future interest under the terms of a trust, such as "for my spouse for life, then to my children who survive my spouse" or "for my spouse for life, then to my then-living children" is, in the absence of other language in the trust instrument or other evidence to the contrary, a sufficient indication of an intent to negate the application of division (B)(2)(b) of this section. Words of survivorship under division (C)(2) of this section include words of survivorship that relate to the distribution date or to an earlier or an unspecified time, whether those words of survivorship are expressed as condition-precedent, condition-subsequent, or in any other form. (3) A residuary clause in a will is not a sufficient indication of an intent that is contrary to the application of this section, whether or not the will specifically provides that lapsed or failed devises are to pass under the residuary clause. A residuary clause in a revocable trust instrument is not a sufficient indication of an intent that is contrary to the application of this section unless the distribution date is the date of the settlor's death and the revocable trust instrument specifically provides that upon lapse or failure the nonresiduary devise, or nonresiduary devises in general, pass under the residuary clause. (D) If, after the application of divisions (B) and (C) of this section there is no surviving taker of the property, and a contrary intent does not appear in the instrument creating the future interest, the property passes in the following order: (1) If the future interest was created by the exercise of a power of appointment, the property passes under the donor's gift-in-default clause, if any, which clause is treated as creating a future interest under the terms of a trust. (2) If no taker is produced under division (D)(1) of this section and the trust was created in a nonresiduary devise in the transferor's will or in a codicil to the transferor's will, the property passes under the residuary clause in the transferor's will. For purposes of division (D)(2) of this section, the residuary clause is treated as creating a future interest under the terms of a trust. (3) If no taker is produced under divisions (D)(1) and (2) of this section, the transferor is deceased, and the trust was created in a nonresiduary gift under the terms of a revocable trust of the transferor, the property passes under the residuary clause in the transferor's revocable trust instrument. For purposes of division (D)(3) of this section, the residuary clause in the transferor's revocable trust instrument is treated as creating a future interest under the terms of a trust. (4) If no taker is produced under divisions (D)(1), (2), and (3) of this section, the property passes to those persons who would succeed to the transferor's intestate estate and in the shares as provided in the intestate succession law of the transferor's domicile if the transferor died on the distribution date. Notwithstanding division (A)(10) of this section, for purposes of division (D)(4) of this section, if the future interest was created by the exercise of a power of appointment, "transferor" means the donor if the power is a nongeneral power, or the donee if the power is a general power. (E) This section applies to all trusts that become irrevocable on or after March 22, 2012. This section does not apply to any trust that was irrevocable before March 22, 2012, even if property was added to the trust on or after March 22, 2012. Disclaimer Contact About
Ohio Rev. Code § 5804.04 — Ohio Revised Code / Title 58 / Chapter 5804 / § 5804.04
§ 5804.04. Trust purposes must be legitimate
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly A trust may be created only to the extent that its purposes are lawful, not contrary to public policy, and possible to achieve. A trust exists, and its assets shall be held, for the benefit of its beneficiaries in accordance with the interests of the beneficiaries in the trust.
Ohio Rev. Code § 5805.02 — Ohio Revised Code / Title 58 / Chapter 5805 / § 5805.02
§ 5805.02. Enforceability and enforcement of spendthrift provisions
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) As used in this section, "child" includes any person for whom an order or judgment for child support has been entered in this or another state. (B) Subject to section 5805.03 of the Revised Code, a spendthrift provision is unenforceable against either of the following: (1) The beneficiary's child or spouse who has a judgment or court order against the beneficiary for support, but only if distributions can be made for the beneficiary's support or the beneficiary is entitled to receive mandatory distributions under the terms of the trust; (2) A claim of this state or the United States to the extent provided by the Revised Code or federal law. (C) A spendthrift provision is enforceable against the beneficiary's former spouse. (D) A claimant described in division (B) of this section may obtain from the court an order attaching present or future distributions to or for the benefit of the beneficiary. The court may limit the award to the relief that is appropriate under the circumstances, considering among any other factors determined appropriate by the court the support needs of the beneficiary, the beneficiary's spouse, and the beneficiary's dependent children or, with respect to a beneficiary who is the recipient of public benefits, the supplemental needs of the beneficiary if the trust was not intended to provide for the beneficiary's basic support. (E) The only exceptions to the effectiveness of a spendthrift provision are those described in divisions (B) and (D) of this section, in division (B) of section 5805.05 of the Revised Code, and in sections 5805.06 and 5810.04 of the Revised Code.
Ohio Rev. Code § 5815.44 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.44
§ 5815.44. Work of art not subject to claims of creditors of art dealer
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly A work of art that is trust property under section 5815.42 or 5815.43 of the Revised Code is not subject to the claims, liens, or security interests of the creditors of the art dealer, notwithstanding Chapters 1301. to 1310. of the Revised Code.
Ohio Rev. Code § 5810.01 — Ohio Revised Code / Title 58 / Chapter 5810 / § 5810.01
§ 5810.01. Breach of trust defined - judicial remedies
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. (B) To remedy a breach of trust that has occurred or may occur, the court may do any of the following: (1) Compel the trustee to perform the trustee's duties; (2) Enjoin the trustee from committing a breach of trust; (3) Compel the trustee to redress a breach of trust by paying money, restoring property, or other means; (4) Order a trustee to account; (5) Appoint a special fiduciary to take possession of the trust property and administer the trust; (6) Suspend the trustee; (7) Remove the trustee as provided in section 5807.06 of the Revised Code; (8) Reduce or deny compensation to the trustee; (9) Subject to section 5810.12 of the Revised Code, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds; (10) Order any other appropriate relief.
Ohio Rev. Code § 5810.12 — Ohio Revised Code / Title 58 / Chapter 5810 / § 5810.12
§ 5810.12. Person assisting or dealing with trustee in good faith
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power. (B) A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise. (C) A person who in good faith delivers assets to a trustee is not required to ensure their proper application. (D) A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee. (E) Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.
Ohio Rev. Code § 5817.01 — Ohio Revised Code / Title 58 / Chapter 5817 / § 5817.01
§ 5817.01. Definitions
Status: in_force

March 22, 2019 House Bill 595 - 132nd General Assembly As used in this chapter: (A)(1) "Beneficiary under a trust" means either of the following: (a) Any person that has a present or future beneficial interest in a trust, whether vested or contingent; (b) Any person that, in a capacity other than that of trustee, holds a power of appointment over trust property, but does not include the class of permitted appointees among whom the power holder may appoint. (2) "Beneficiary under a trust" includes a charitable organization that is expressly designated in the terms of the trust to receive distributions, but does not include any charitable organization that is not expressly designated in the terms of the trust to receive distributions, but to whom the trustee may in its discretion make distributions. (B)(1) "Beneficiary under a will" means either of the following: (a) Any person designated in a will to receive a testamentary disposition of real or personal property; (b) Any person that, in a capacity other than that of executor, holds a power of appointment over estate assets, but does not include the class of permitted appointees among whom the power holder may appoint. (2) "Beneficiary under a will" includes a charitable organization that is expressly designated in the terms of the will to receive testamentary distributions, but does not include any charitable organization that is not expressly designated in the terms of the will to receive distributions, but to whom the executor may in its discretion make distributions. (C) "Court" means the probate court of the county in which the complaint under section 5817.02 or 5817.03 of the Revised Code is filed or the general division of the court of common pleas to which the probate court transfers the proceeding under division (A) of section 5817.04 of the Revised Code. (D) "Related trust" means a trust for which both of the following apply: (1) The testator is the settlor of the trust. (2) The trust is named as a beneficiary in the will in accordance with section 2107.63 of the Revised Code. (E) "Related will" means a will for which both of the following apply: (1) The testator is the settlor of a trust. (2) The will names the trust as a beneficiary in accordance with section 2107.63 of the Revised Code. (F) "Trust" means an inter vivos revocable or irrevocable trust instrument to which, at the time the complaint for declaration of validity is filed under section 5817.03 of the Revised Code, either of the following applies: (1) The settlor resides in, or is domiciled in, this state. (2) The trust's principal place of administration is in this state.
Ohio Rev. Code § 5817.06 — Ohio Revised Code / Title 58 / Chapter 5817 / § 5817.06
§ 5817.06. Settlor complaint; party defendants
Status: in_force

March 22, 2019 House Bill 595 - 132nd General Assembly (A) A complaint under section 5817.03 of the Revised Code shall name as party defendants the following, as applicable: (1) The settlor's spouse; (2) The settlor's children; (3) The settlor's heirs who would take property pursuant to section 2105.06 of the Revised Code had the settlor died intestate at the time the complaint is filed; (4) The trustee or trustees under the trust; (5) The beneficiaries under the trust; (6) If the trust amends, amends and restates, or replaces a prior trust, any beneficiary under the settlor's most recent prior trust. (B) A complaint under section 5817.03 of the Revised Code may name as a party defendant any other person that the settlor believes may have a pecuniary interest in the determination of the validity of the settlor's trust. (C) A complaint under section 5817.03 of the Revised Code may contain all or any of the following: (1) A statement that a copy of the trust has been filed with the court; (2) A statement that the trust is in writing and was signed by the settlor; (3) A statement that the trust was executed with the intent to create a trust; (4) A statement that the settlor had the legal capacity to enter into and establish the trust; (5) A statement that the trust has a definite beneficiary or is one of the following: (a) A charitable trust; (b) A trust for the care of an animal as provided in section 5804.08 of the Revised Code; (c) A trust for a noncharitable purpose as provided in section 5804.09 of the Revised Code. (6) A statement that the trustee of the trust has duties to perform; (7) A statement that the same person is not the sole trustee and sole beneficiary of the trust; (8) A statement that the settlor executed the trust free from undue influence, not under restraint or duress, and in the exercise of the settlor's free will; (9) A statement that execution of the trust was not the result of fraud or mistake; (10) The names and addresses of the settlor and all of the defendants and, if any of the defendants are minors, their ages; (11) A statement that the trust has not been revoked or modified; (12) A statement that the settlor is familiar with the contents of the trust.
Ohio Rev. Code § 5801.22 — Ohio Revised Code / Title 58 / Chapter 5801 / § 5801.22
§ 5801.22. Termination of irrevocable trust as a result of trust-terminating distributions
Status: in_force

April 3, 2023 Senate Bill 202 - 134th General Assembly (A) When a trust is to terminate as a result of trust-terminating distributions and the trustee elects to use the provisions of this section, the trustee shall serve on the terminating distributions 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 the event or determination that requires or authorizes such distributions. (B) The documents and information to be served include both of the following: (1) A written notice, executed by or on behalf of the trustee, that includes the following information: (a) The date of the notice, corresponding to the date the notice is being sent; (b) A description of the terms of the trust that require or authorize the trust-terminating distributions or a citation to any statute that requires or authorizes the distributions; (c) If the terms of the trust require any of the proposed trust-terminating distributions, a description of any triggering event that is the basis for each mandatory distribution; (d) A description of the proposed trust-terminating distributions that includes the names of the proposed distributees and a description, in general or specific terms, of the assets proposed for distribution to each; (e) A description of the distributions objection period and the name, mailing address, electronic address if available, and telephone number of the person or office associated with the trustee to which any written objections should be sent; (f) A description of the process, described in division (C) of this section, that will be followed if the trustee receives no written objections within the distributions objection period; (g) A description of the process, described in division (D) of this section, that will be followed if the trustee receives a written objection within the distributions objection period; (h) A statement of the impending bar of claims against the trustee, as described in division (F) of this section, that will result if an objection is not timely made; (i) A statement that the trustee may rely upon the written statement of a recipient of the notice that such person consents to the proposed trust-terminating distributions and irrevocably waives the right to object to the distributions and any claim against the trustee for matters disclosed in the notice or the trustee's reports served with it and all other matters pertaining to the trustee's administration of the trust; (j) A statement that the trustee may complete the distributions described in the notice prior to the expiration of the distributions 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; (k) 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; (l) An estimate of any assets, income, taxes, fees, expenses, claims, or other items reasonably expected by the trustee to be received or disbursed before completion of the trust-terminating distributions 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 trustee within the distributions 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 trustee, within a reasonable period of time following the expiration of the distributions objection period, shall distribute the assets as provided in the notice; (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 trustee's reports served, or any other matter pertaining to the trustee's administration of the trust, the person shall provide written notice of the objection to the trustee of the noticing trust within the distributions objection period. If the trustee receives a written objection within the distributions objection period, the 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 trustee shall distribute the remaining trust assets as provided in the notice, subject to any modifications provided for in the terms of the document setting forth the resolution of each such objection. (E)(1) The trustee may rely upon the written statement of a recipient of the notice and trustee's reports served under this section that the recipient: (a) Consents to the proposed trust-terminating distributions; (b) Irrevocably waives the right to object to the distributions; (c) Irrevocably waives any claims against the trustee for breach of trust as to matters disclosed in the notice and trustee's reports and all other matters pertaining to the trustee's administration of the trust. (2) The distributions described in the notice may be completed prior to the expiration of the distributions objection period if all of the persons on whom the notice and trustee's reports were served have delivered to the trustee similar written consents and irrevocable waivers. (F)(1)(a) 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 proposed trust-terminating distributions or failed to timely provide the trustee a written objection as described in this section is barred from: (i) Bringing a claim against the trustee for breach of trust as to matters disclosed in the notice and trustee's reports and all other matters pertaining to the trustee's administration of the trust; (ii) Challenging the validity of the trust. Such claims shall be barred as described in division (F)(2) of this section. (b) If all of the terminating distributions 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 proposed trust-terminating distributions 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)(2) of this section. (2) The bar of claims under division (F) 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 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. (G) Any beneficiary who receives trust assets as a result of a trust-terminating distribution described in the notice described in division (B) of this section and who is barred from bringing claims under division (F) of this section may be required to return all or any part of the value of the distributed assets if the trustee determines that the return of assets is necessary to pay, or reimburse the trustee for payment of, taxes, debts, or expenses of the trust, including reasonable expenses incurred by the trustee in obtaining the return of those assets. The beneficiary shall make the return expeditiously upon receipt of a written notice from the trustee requesting the return of all or any part of the value of those distributed assets. Last updated March 3, 2023 at 4:27 PM
Ohio Rev. Code § 5804.02 — Ohio Revised Code / Title 58 / Chapter 5804 / § 5804.02
§ 5804.02. General requirements for creation of trust
Status: in_force

April 6, 2017 House Bill 432 - 131st General Assembly (A) A trust is created only if all of the following apply: (1) Subject to division (F) of this section, the settlor of the trust, other than the settlor of a trust created by a court order, has capacity to create a trust. (2) Subject to division (F) of this section, the settlor of the trust, other than the settlor of a trust created by a court order, indicates an intention to create the trust. (3) The trust has a definite beneficiary or is one of the following: (a) A charitable trust; (b) A trust for the care of an animal, as provided in section 5804.08 of the Revised Code; (c) A trust for a noncharitable purpose, as provided in section 5804.09 of the Revised Code. (4) The trustee has duties to perform. (5) The same person is not the sole trustee and sole beneficiary. (B) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities. (C) A power in a trustee or other person to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails, and the property subject to the power passes to the persons who would have taken the property had the power not been conferred. (D) A trust is valid regardless of the existence, size, or character of the corpus of the trust. This division applies to any trust instrument that was executed prior to, or is executed on or after, January 1, 2007. (E) A trust is not invalid because a person, including, but not limited to, the creator of the trust, is or may become the sole trustee and the sole holder of the present beneficial enjoyment of the corpus of the trust, provided that one or more other persons hold a vested, contingent, or expectant interest relative to the enjoyment of the corpus of the trust upon the cessation of the present beneficial enjoyment. A merger of the legal and equitable titles to the corpus of a trust described in this division does not occur in its creator, and, notwithstanding any contrary provision of Chapter 2107. of the Revised Code, the trust is not a testamentary trust that is required to comply with that chapter in order for its corpus to be legally distributed to other beneficiaries in accordance with the provisions of the trust upon the cessation of the present beneficial enjoyment. This division applies to any trust that satisfies the provisions of this division, whether the trust was executed prior to, on, or after October 10, 1991. (F) An agent under a power of attorney may create a trust for the principal, whether or not the principal has capacity to create the trust and indicates an intention to create the trust, but only as provided in sections 1337.21 to 1337.64 of the Revised Code, including sections 1337.42 and 1337.58 of the Revised Code and their limitations on creation of trusts and on gifts of property of the principal and the duty of the agent to attempt to preserve the principal's estate plan.
Ohio Rev. Code § 5817.08 — Ohio Revised Code / Title 58 / Chapter 5817 / § 5817.08
§ 5817.08. Hearing
Status: in_force

March 22, 2019 House Bill 595 - 132nd General Assembly (A) After a complaint is filed under section 5817.02 or 5817.03 of the Revised Code, the court shall fix a time and place for a hearing. (B) Notice of the hearing shall be given to the testator or settlor, as applicable, and to all party defendants, as provided in the applicable Rules of Civil Procedure. (C) The hearing shall be adversarial in nature and shall be conducted pursuant to sections 2101.31 and 2721.10 of the Revised Code, except as otherwise provided in this chapter.
Ohio Rev. Code § 5812.32 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.32
§ 5812.32. Deferred compensation, annuities and similar payments
Status: in_force

April 6, 2017 House Bill 432 - 131st General Assembly (A) As used in this section: (1) "Payment" means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in exchange for future payments. "Payment" includes a payment made in money or property from the payer's general assets or from a separate fund created by the payer. For purposes of divisions (D), (E), (F), and (G) of this section, "payment" also includes any payment made from any separate fund regardless of the reason for the payment. (2) "Separate fund" includes a private or commercial annuity, an individual retirement account, or a pension, profit-sharing, stock-bonus, or stock-ownership plan. (B) To the extent that a payment is characterized as interest, a dividend, or a payment made in lieu of interest or a dividend, a trustee shall allocate the payment to income. The trustee shall allocate to principal the balance of the payment and any other payment received in the same accounting period that is not characterized as interest, a dividend, or an equivalent payment. (C) If no part of a payment is characterized as interest, a dividend, or an equivalent payment, and all or part of the payment is required to be made, a trustee shall allocate to income ten per cent of the part that is required to be made during the accounting period and the balance to principal. If no part of a payment is required to be made or the payment received is the entire amount to which the trustee is entitled, the trustee shall allocate the entire payment to principal. For purposes of this division, a payment is not "required to be made" to the extent that it is made because the trustee exercises a right of withdrawal. (D) Except as otherwise provided in division (E) of this section, divisions (F) and (G) of this section apply, and divisions (B) and (C) of this section do not apply, in determining the allocation of a payment made from a separate fund to either of the following: (1) A trust for which an election to qualify for a marital deduction under section 2056(b)(7) of the Internal Revenue Code of 1986, 26 U.S.C. 2056(b)(7), as amended, has been made; (2) A trust that qualifies for the marital deduction under section 2056(b)(5) of the Internal Revenue Code of 1986, 26 U.S.C. 2056(b)(5), as amended. (E) Divisions (D), (F), and (G) of this section do not apply if and to the extent that the series of payments would, without the application of division (D) of this section, qualify for the marital deduction under section 2056(b)(7)(C) of the Internal Revenue Code of 1986, 26 U.S.C. 2056(b)(7)(C), as amended. (F) A trustee shall determine the internal income of each separate fund for the accounting period as if the separate fund were a trust subject to sections 5812.01 to 5812.52 of the Revised Code. Upon request of the surviving spouse, the trustee shall demand that the person administering the separate fund distribute the internal income to the trust. The trustee shall allocate a payment from the separate fund to income to the extent of the internal income of the separate fund and distribute that amount to the surviving spouse. The trustee shall allocate the balance of the payment to principal. Upon request of the surviving spouse, the trustee shall allocate principal to income to the extent the internal income of the separate fund exceeds payments made from the separate fund to the trust during the accounting period. (G) If a trustee cannot determine the internal income of a separate fund but can determine the value of the separate fund, the internal income of the separate fund is deemed to equal four per cent of the fund's value according to the most recent statement of value preceding the beginning of the accounting period. If the trustee can determine neither the internal income of the separate fund nor the value of the fund, the internal income of the fund is deemed to equal the product of the interest rate and the present value of the expected future payments, as determined under section 7520 of the Internal Revenue Code of 1986, 26 U.S.C. 7520, as amended, for the month preceding the accounting period for which the computation is made. (H) This section does not apply to a payment to which section 5812.33 of the Revised Code applies. (I)(1) This section applies to a trust described in division (D) of this section on and after any of the following dates: (a) If the trust has not received a payment from a separate fund on the effective date of the amendment of this section, the date of the decedent's death; (b) If the trust receives the first payment from any and all separate funds payable to the trust in the calendar year beginning January 1 of the year in which the amendment of this section takes effect, the date of the decedent's death; (c) If the trust is not described in division (I)(1)(a) or (b) of this section, January 1 of the year in which the amendment of this section takes effect. (2) For purposes of division (I)(1) of this section, "decedent" means the individual by reason of whose death the trust may receive a payment from the separate fund.
Ohio Rev. Code § 5804.14 — Ohio Revised Code / Title 58 / Chapter 5804 / § 5804.14
§ 5804.14. Termination or modification where costs exceed value
Status: in_force

September 12, 2008 House Bill 499 - 127th General Assembly (A)(1) Except as provided in division (A)(2) of this section, after notice to the qualified beneficiaries, the trustee of an inter vivos trust consisting of trust property having a total value of less than one hundred thousand dollars may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. (2) Division (A)(1) of this section does not apply to any of the following: (a) A charitable trust that has one or more charitable organizations as qualified beneficiaries; (b) A charitable trust the terms of which authorize or direct the trustee to distribute trust income or principal to one or more charitable organizations to be selected by the trustee, or for one or more charitable purposes described in division (A) of section 5804.05 of the Revised Code, if any of the following apply: (i) The distributions may be made on the date that the trust would be terminated under division (A)(1) of this section. (ii) The distributions could be made on the date that the trust would be terminated under division (A)(1) of this section if the interests of the current beneficiaries of the trust terminated on that date, but the termination of those interests would not cause the trust to terminate. (iii) The distributions could be made on the date that the trust would be terminated under division (A)(1) of this section, if the trust terminated on that date but not under that division. (B) If an inter vivos trust consists of trust property having a total value of less than one hundred thousand dollars, the court may modify or terminate the trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration. (C) Upon the termination of a trust pursuant to division (A)(1) of this section, the trustee shall distribute the trust estate in accordance with any provision specified in the terms of the trust for the premature termination of the trust. If there is no provision of that nature in the terms of the trust, the trustee shall distribute the trust estate among the beneficiaries of the trust in accordance with their respective beneficial interests and in a manner that the trustee determines to be equitable. For purposes of distributing the trust estate among the beneficiaries of the trust under this division, the trustee shall consider all of the following: (1) The existence of any agreement among the beneficiaries with respect to their beneficial interests; (2) The actuarial values of the separate beneficial interests of the beneficiaries; (3) Any expression of preference of the beneficiaries that is contained in the terms of the trust. (D) Upon the termination of a trust pursuant to division (B) of this section, the court shall order the distribution of the trust estate in accordance with any provision specified in the terms of the trust for the premature termination of the trust. If there is no provision of that nature in the terms of the trust, the court shall order the distribution of the trust estate among the beneficiaries of the trust in accordance with their respective beneficial interests and in a manner that the court determines to be equitable. For purposes of ordering the distribution of the trust estate among the beneficiaries of the trust under this division, the court shall consider the three factors listed in division (C) of this section. (E) The existence of a spendthrift or similar provision in the terms of a trust or will does not preclude the termination of a trust pursuant to this section. (F) This section does not apply to an easement for conservation or preservation.
Ohio Rev. Code § 5804.13 — Ohio Revised Code / Title 58 / Chapter 5804 / § 5804.13
§ 5804.13. Judicial action where charitable purpose frustrated
Status: in_force

September 12, 2008 House Bill 499 - 127th General Assembly (A) Except as otherwise provided in division (B) of this section, if a particular charitable purpose becomes unlawful, impracticable, or impossible to achieve, all of the following apply: (1) The trust does not fail in whole or in part. (2) The trust property does not revert to the settlor or the settlor's successors in interest. (3) The court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor's charitable purposes. In accordance with section 109.25 of the Revised Code, the attorney general is a necessary party to a judicial proceeding brought under this section. (B) A provision in the terms of a charitable trust for an alternative charitable purpose or for the distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under division (A) of this section to apply cy pres to modify or terminate the trust.
Ohio Rev. Code § 5802.01 — Ohio Revised Code / Title 58 / Chapter 5802 / § 5802.01
§ 5802.01. Judicial intervention in trust administration
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A court may intervene in the administration of a trust to the extent its jurisdiction is invoked by an interested person or as provided by law. (B) An inter vivos trust is not subject to continuing judicial supervision unless ordered by the court. Trusts created pursuant to a section of the Revised Code or a judgment or decree of a court are subject to continuing judicial supervision to the extent provided by the section, judgment, or decree or by court order. (C) A judicial proceeding involving a trust may relate to any matter involving the trust's administration, including a request for instructions and an action to declare rights.
Ohio Rev. Code § 5815.11 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.11
§ 5815.11. Rules of law and equity applicable
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly In any case not provided for in sections 5815.04 to 5815.11 of the Revised Code, the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments, and banking apply.
Ohio Rev. Code § 5815.23 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.23
§ 5815.23. Effect of requiring or permitting accumulation for more than one year of any income of property
Status: in_force

April 6, 2017 House Bill 432 - 131st General Assembly (A) Except as provided in division (B) of this section, an instrument that creates an inter vivos or testamentary trust shall not require or permit the accumulation for more than one year of any income of property that satisfies both of the following: (1) The property is granted to a surviving spouse of the testator or other settlor. (2) The property qualifies for the federal estate tax marital deduction allowed by subtitle B, Chapter 11 of the "Internal Revenue Code of 1986," 26 U.S.C. 2056, as amended, the estate tax marital deduction allowed by division (A) of section 5731.15 of the Revised Code, or the qualified terminable interest property deduction allowed by division (B) of section 5731.15 of the Revised Code. (B)(1) Division (A) of this section does not apply if an instrument that creates an inter vivos or testamentary trust expressly states the intention of the testator or other settlor that obtaining a marital deduction or a qualified terminable interest property deduction as described in division (A)(2) of this section is less important than requiring or permitting the accumulation of income of property in accordance with a provision in the instrument that requires or permits the accumulation for more than one year of any income of property. (2) Division (A) of this section does not apply to any beneficiary of an inter vivos or testamentary trust other than the surviving spouse of the testator or other settlor or to any inter vivos or testamentary trust of which the surviving spouse of the testator or other settlor is a beneficiary if an interest in property does not qualify for a marital deduction or a qualified terminable interest property deduction as described in division (A)(2) of this section. (C) Divisions (A) and (B) of this section are intended to codify existing fiduciary and trust law principles relating to the interpretation of a testator's or other settlor's intent with respect to the income provisions of a trust. Divisions (A) and (B) of this section apply to trust instruments executed prior to and existing on October 1, 1996, or executed thereafter. The trustee of a trust described in division (A) or (B) of this section, in a written trust amendment, may elect to not apply divisions (A) and (B) of this section to the trust. Any election of that nature, when made, is irrevocable.
Ohio Rev. Code § 5812.12 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.12
§ 5812.12. When right to income begins and ends
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest. (B) An asset becomes subject to a trust on any of the following dates: (1) The date it is transferred to the trust, in the case of an asset that is transferred to a trust during the transferor's life; (2) The date of a testator's death, in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; (3) The date of an individual's death, in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death. (C) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under division (D) of this section, even if there is an intervening period of administration to wind up the preceding income interest. (D) An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.
Ohio Rev. Code § 5804.12 — Ohio Revised Code / Title 58 / Chapter 5804 / § 5804.12
§ 5804.12. Judicial action due to change of circumstances
Status: in_force

March 22, 2012 Senate Bill 117 - 129th General Assembly (A) The court may modify the administrative or dispositive terms of a trust or terminate the trust if because of circumstances not anticipated by the settlor modification or termination will further the purposes of the trust. To the extent practicable, the court shall make the modification in accordance with the settlor's probable intention. (B) The court may modify the administrative terms of a trust if continuation of the trust on its existing terms would be impracticable or impair the trust's administration. (C) Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust. (D) The court may modify or interpret the terms of a trust, including, but not limited to, a charitable trust or a trust having as a beneficiary an organization with one or more purposes that are described in division (A) of section 5804.05 of the Revised Code, that refer to the federal estate tax, federal generation-skipping transfer tax, or Ohio estate tax, or that contain a division of property based on the imposition or amount of one or more of those taxes, to give effect to the intent of the settlor.
Ohio Rev. Code § 5807.06 — Ohio Revised Code / Title 58 / Chapter 5807 / § 5807.06
§ 5807.06. Removal of trustee - grounds - protective measures
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) The settlor, a cotrustee, or a beneficiary may request the court to remove a trustee, or the court may remove a trustee on its own initiative. (B) The court may remove a trustee for any of the following reasons: (1) The trustee has committed a serious breach of trust; (2) Lack of cooperation among cotrustees substantially impairs the administration of the trust; (3) Because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries. (C) Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order any appropriate relief under division (B) of section 5810.01 of the Revised Code that is necessary to protect the trust property or the interests of the beneficiaries.
Ohio Rev. Code § 5810.04 — Ohio Revised Code / Title 58 / Chapter 5810 / § 5810.04
§ 5810.04. Award of costs, expenses, and attorney fees from trust
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly In a judicial proceeding involving the administration of a trust, including a trust that contains a spendthrift provision, the court, as justice and equity may require, may award costs, expenses, and reasonable attorney's fees to any party, to be paid by another party, from the trust that is the subject of the controversy, or from a party's interest in the trust that is the subject of the controversy.
Ohio Rev. Code § 5814.06 — Ohio Revised Code / Title 58 / Chapter 5814 / § 5814.06
§ 5814.06. Responsibility of issuer, transfer agent, financial institution, broker, or life insurance company
Status: in_force

April 6, 2017 House Bill 432 - 131st General Assembly An issuer, transfer agent, financial institution, broker, life insurance company, or other person acting on the instructions of or otherwise dealing with any person purporting to act as a donor or transferor or dealing with any person or trust company purporting to act as a custodian is not required to do any of the following: (A) Determine either of the following: (1) Whether the person or trust company designated by the purported donor or transferor, or the person or trust company purporting to act as a custodian, has been duly designated; (2) Whether any purchase, sale, or transfer to or by, or any other act of, any person or trust company purporting to act as a custodian is in accordance with or authorized by sections 5814.01 to 5814.10 of the Revised Code. (B) Inquire into the validity or propriety under sections 5814.01 to 5814.10 of the Revised Code of any instrument or instructions executed or given by a person purporting to act as a donor or transferor or by a person or trust company purporting to act as a custodian; (C) See to the application by any person or trust company purporting to act as a custodian of any money or other property paid or delivered to the person or trust company.
Ohio Rev. Code § 5809.031 — Ohio Revised Code / Title 58 / Chapter 5809 / § 5809.031
§ 5809.031. Duties of a trustee with respect to the acquisition, retention, or ownership of a life insurance policy
Status: in_force

March 22, 2013 House Bill 247 - 129th General Assembly (A) Notwithstanding any other provision of the Ohio Uniform Prudent Investor Act, unless otherwise provided by the terms of the trust, the duties of a trustee with respect to the acquisition, retention, or ownership of a life insurance policy as a trust asset do not include any of the following duties: (1) To determine whether the policy is or remains a proper investment; (2) To diversify the investment in the policy relative to any other life insurance policies or to any other trust assets; (3) To exercise or not to exercise any option, right, or privilege available under the policy, including the payment of premiums unless there is sufficient cash or there are other readily marketable trust assets from which to pay the premiums or there are other trust assets that were designated by the settlor or any other person transferring those assets to the trust to be used for that purpose, regardless of whether that exercise or nonexercise results in the lapse or termination of the policy; (4) To investigate the financial strength or changes in the financial strength of the life insurance company maintaining the policy; (5) To inquire about changes in the health or financial condition of the insured or insureds under the policy. (B) The trustee, the attorney who drafted a trust, or any person who was consulted with regard to the creation of a trust, in the absence of fraud, is not liable to the beneficiaries of the trust or to any other person for any loss arising from the absence of the duties specified in divisions (A)(1) to (5) of this section. (C) Unless otherwise provided by the terms of the trust, this section applies to a trust established before, on, or after March 22, 2012, and to a life insurance policy acquired, retained, or owned by a trustee before, on, or after March 22, 2012.
Ohio Rev. Code § 5809.01 — Ohio Revised Code / Title 58 / Chapter 5809 / § 5809.01
§ 5809.01. Trustee duty to comply with act
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A)(1) As used in the Revised Code, the "Ohio Uniform Prudent Investor Act" means sections 5809.01 to 5809.08 , 5808.03 , 5808.05 , and 5808.06 , division (A) of section 5808.02 , and division (B) of section 5808.07 of the Revised Code, and those sections may be cited as the "Ohio Uniform Prudent Investor Act." (2) As used in the Ohio Uniform Prudent Investor Act, "trustee" means a trustee under any testamentary, inter vivos, or other trust. (B) Except as provided in division (C) or (D) of this section, a trustee who invests and manages trust assets under the Ohio Uniform Prudent Investor Act owes a duty to the beneficiaries of the trust to comply with the Ohio Uniform Prudent Investor Act. (C) The Ohio Uniform Prudent Investor Act may be expanded, restricted, eliminated, or otherwise altered, without express reference by the instrument creating a trust to the Ohio Uniform Prudent Investor Act or any section of the Revised Code that is part of that act. (D) A trustee is not liable to a beneficiary of a trust to the extent the trustee acted in reasonable reliance on the provisions of the trust.
Ohio Rev. Code § 5815.24 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.24
§ 5815.24. Limitations on liability
Status: in_force

March 27, 2013 House Bill 479 - 129th General Assembly (A) As used in this section, "fiduciary" means a trustee under any expressed, implied, resulting, or constructive trust; an executor, administrator, public administrator, committee, guardian, conservator, curator, receiver, trustee in bankruptcy, or assignee for the benefit of creditors; a partner, agent, officer of a public or private corporation, or public officer; or any other person acting in a fiduciary capacity for any person, trust, or estate. (B) A fiduciary, or a custodian, who is a transferee of real or personal property that is held by a fiduciary other than the person or entity serving as the transferee, is not required to inquire into any act, or audit any account, of the transferor fiduciary, unless the transferee is specifically directed to do so in the instrument governing the transferee or unless the transferee has actual knowledge of conduct of the transferor that would constitute a breach of the transferor's fiduciary responsibilities. (C) If a trustee is authorized or directed in a trust instrument to pay or advance all or any part of the trust property to the personal representative of a decedent's estate for the payment of the decedent's legal obligations, death taxes, bequests, or expenses of administration, the trustee is not liable for the application of the trust property paid or advanced to the personal representative and is not liable for any act or omission of the personal representative with respect to the trust property, unless the trustee has actual knowledge, prior to the payment or advancement of the trust property, that the personal representative does not intend to use the trust property for such purposes. (D) Regardless of whether a beneficiary is subject to the claims of any creditor, a trustee may pay any expense incurred by a beneficiary to the extent that payment is permitted by the instrument governing the trust, and the trustee may make those payments even if the payments exhaust the income and principal of the trust. A trustee is not liable to any creditor of a beneficiary for paying the expenses of a beneficiary as allowed by this division.
Ohio Rev. Code § 5807.05 — Ohio Revised Code / Title 58 / Chapter 5807 / § 5807.05
§ 5807.05. Resignation of trustee - notice - approval
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A trustee may resign upon at least thirty days' notice to the qualified beneficiaries, the settlor, if living, and all cotrustees or with the approval of the court. (B) In approving a resignation of a trustee, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. (C) Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.
Ohio Rev. Code § 5817.02 — Ohio Revised Code / Title 58 / Chapter 5817 / § 5817.02
§ 5817.02. Action by testator
Status: in_force

March 22, 2019 House Bill 595 - 132nd General Assembly (A) A testator may file a complaint with the probate court to determine before the testator's death that the testator's will is a valid will subject only to subsequent revocation or modification of the will. The right to file a complaint for a determination of the validity of a testator's will under this chapter, or to voluntarily dismiss a complaint once filed, is personal to the testator and may not be exercised by the testator's guardian or an agent under the testator's power of attorney. (B) A testator who desires to obtain a validity determination as to the testator's will shall file a complaint to determine the validity of both the will and any related trust. (C) The failure of a testator to file a complaint for a judgment declaring the validity of a will shall not be construed as evidence or an admission that the will is not valid. (D) A complaint for a determination of the validity of a testator's will shall be accompanied by an express written waiver of the testator's physician-patient privilege provided in division (B) of section 2317.02 of the Revised Code.
Ohio Rev. Code § 5812.42 — Ohio Revised Code / Title 58 / Chapter 5812 / § 5812.42
§ 5812.42. Disbursements from income
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly A trustee shall make all of the following disbursements from income to the extent that they are not disbursements to which division (B)(2) or (3) of section 5812.07 of the Revised Code applies: (A) One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee; (B) One-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests; (C) All of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest; (D) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.
Ohio Rev. Code § 5808.12 — Ohio Revised Code / Title 58 / Chapter 5808 / § 5808.12
§ 5808.12. Collection of trust property - successor trustees
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly A trustee shall take reasonable steps to collect trust property held by third persons. The responsibility of a successor trustee with respect to the administration of the trust by a prior trustee shall be governed by section 5815.24 of the Revised Code.
Ohio Rev. Code § 5815.41 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.41
§ 5815.41. Consignment of art works definitions
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly As used in sections 5815.41 to 5815.48 of the Revised Code: (A) "Art dealer" means a person engaged in the business of selling works of art, other than a person exclusively engaged in the business of selling goods at public auction. (B) "Artist" means the creator of a work of art. (C) "On consignment" means delivered to an art dealer for the purpose of sale or exhibition, or both, to the public by the art dealer other than at a public auction. (D) "Work of art" means an original art work that is any of the following: (1) A visual rendition including, but not limited to, a painting, drawing, sculpture, mosaic, or photograph; (2) A work of calligraphy; (3) A work of graphic art, including, but not limited to, an etching, lithograph, offset print, or silk screen; (4) A craft work in materials, including, but not limited to, clay, textile, fiber, wood, metal, plastic, or glass; (5) A work in mixed media, including, but not limited to, a collage or a work consisting of any combination of the items listed in divisions (D)(1) to (4) of this section.
Ohio Rev. Code § 5807.08 — Ohio Revised Code / Title 58 / Chapter 5807 / § 5807.08
§ 5807.08. Compensation of trustee
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances. (B) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if the duties of the trustee are substantially different from those contemplated when the trust was created or the compensation specified by the terms of the trust would be unreasonably low or high.
Ohio Rev. Code § 5801.05 — Ohio Revised Code / Title 58 / Chapter 5801 / § 5801.05
§ 5801.05. Application of common law and equity principles
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly The common law of trusts and principles of equity continue to apply in this state, except to the extent modified by Chapters 5801. to 5811. or another section of the Revised Code.
Ohio Rev. Code § 5808.15 — Ohio Revised Code / Title 58 / Chapter 5808 / § 5808.15
§ 5808.15. General powers of trustee
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A) A trustee, without authorization by the court, may exercise powers conferred by the terms of the trust and, except as limited by the terms of the trust, may exercise all of the following powers: (1) All powers over the trust property that an unmarried competent owner has over individually owned property; (2) Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; (3) Any other powers conferred by Chapters 5801. to 5811. of the Revised Code. (B) The exercise of a power is subject to the fiduciary duties prescribed by Chapter 5808. of the Revised Code.
Ohio Rev. Code § 5815.48 — Ohio Revised Code / Title 58 / Chapter 5815 / § 5815.48
§ 5815.48. Liability for violations
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly Any art dealer who violates section 5815.45 or 5815.46 of the Revised Code is liable to the artist for the artist's reasonable attorney's fees and in an amount equal to the greater of either of the following: (A) Fifty dollars; (B) The actual damages, if any, including the incidental and consequential damages, sustained by the artist by reason of the violation. Disclaimer Contact About
Ohio Rev. Code § 5810.14 — Ohio Revised Code / Title 58 / Chapter 5810 / § 5810.14
§ 5810.14. Transfer of personal property to trustee
Status: in_force

March 22, 2012 Senate Bill 117 - 129th General Assembly (A) Personal property may be transferred to a trustee as authorized by section 5804.01 of the Revised Code by executing the necessary written instrument that identifies the personal property transferred and identifies the trustee by name followed by the designation "trustee." (B) The future transfer of personal property to a trustee as a designated beneficiary, including, but not limited to, a transfer on death designation or payable on death designation, participation in a joint ownership arrangement, or any other contractual transfer arrangement, that is made by executing the necessary written instrument identifying the trustee by name followed by the designation "trustee" shall be considered a transfer of the personal property to the trustee serving at the time of the future transfer. A certification of trust under section 5810.13 of the Revised Code may establish the identity of the trustee and any succession of trustees. (C) A written instrument transferring personal property to a trust or a written instrument providing for the future transfer of personal property to a trust, by identifying the trust without identifying the trustee, shall be considered a transfer of the personal property to the trustee serving at the time of transfer. A certification of trust under section 5810.13 of the Revised Code may establish the identity of the trustee and any succession of trustees. (D) An instrument of transfer under this section may, but is not required to, contain any additional identifying information, including the trust name, the name of the settlor, the date of trust creation, and the date of applicable trust amendments. (E) Nothing in this section is intended to affect the operation of section 5301.03 of the Revised Code. (F) Nothing in this section is intended to affect or be in conflict with division (E) of section 5301.071 of the Revised Code that addresses transfers of real property to or from trusts and trustees. Disclaimer Contact About