Effective: January 1, 2007 Latest Legislation: 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 […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) A trustee shall give bond to secure performance of the trustee’s duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) If there are three or more cotrustees serving, the cotrustees may act by majority decision. (B) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (C) A cotrustee must participate in the performance of a […]
Effective: January 1, 2007 Latest Legislation: 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 […]
Effective: January 1, 2007 Latest Legislation: 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 […]
Effective: January 1, 2007 Latest Legislation: 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 […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a […]
Effective: January 1, 2007 Latest Legislation: 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 […]
Effective: January 1, 2007 Latest Legislation: 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 […]
