Section 5816.01 | Short Title.

Effective: March 27, 2013 Latest Legislation: House Bill 479 – 129th General Assembly This chapter may be cited as the Ohio legacy trust act.

Section 5816.02 | Definitions.

Effective: August 17, 2021 Latest Legislation: House Bill 7 – 134th General Assembly As used in this chapter, unless the context otherwise requires: (A)(1) “Advisor” means a person to whom both of the following apply: (a) The person satisfies the eligibility criteria specified in division (A) of section 5816.11 of the Revised Code. (b) The […]

Section 5816.03 | Spendthrift Provisions.

Effective: March 27, 2013 Latest Legislation: House Bill 479 – 129th General Assembly (A) In addition to any other method allowed by law, the spendthrift provision of a legacy trust may be stated as provided in division (B) of section 5805.01 of the Revised Code. (B) Except as otherwise provided in this section, the spendthrift […]

Section 5816.04 | Limits to Transferor’s Authority.

Effective: March 27, 2013 Latest Legislation: House Bill 479 – 129th General Assembly To the extent conferred by the governing legacy trust instrument, a transferor to a legacy trust may have any or all of the rights, powers, and interests described in section 5816.05 of the Revised Code. A transferor shall have no rights, powers, […]

Section 5816.05 | Permissible Retained Rights of a Transferor.

Effective: August 17, 2021 Latest Legislation: House Bill 7 – 134th General Assembly A legacy trust may allow or provide for any or all of the following rights, powers, interests, or provisions, none of which grants, or is considered to be, either alone or in any combination, a right or power to revoke a trust […]

Section 5816.06 | Qualified Affidavits and Related Rules.

Effective: August 17, 2021 Latest Legislation: House Bill 7 – 134th General Assembly (A) Except as otherwise provided in this section, a transferor shall sign a qualified affidavit before or substantially contemporaneously with making a qualified disposition. (B) A qualified affidavit shall be notarized and shall contain all of the following statements under oath: (1) […]

Section 5816.07 | Restrictions on Actions, Remedies, and Claims.

Effective: March 27, 2013 Latest Legislation: 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 […]

Section 5816.08 | Avoidance of Qualified Dispositions.

Effective: March 27, 2013 Latest Legislation: House Bill 479 – 129th General Assembly All of the following apply in connection with any action brought pursuant to this section or division (A) of section 5816.07 of the Revised Code: (A) If a qualified disposition is wholly or partially avoided, all of the following apply: (1) That […]

Section 5816.09 | Automatic Removal of Trustees; General Rules on Successor.

Effective: August 17, 2021 Latest Legislation: House Bill 7 – 134th General Assembly Any successor or replacement trustees of a legacy trust shall be determined or selected in the following manners: (A)(1) Division (A)(2) of this section applies if in any action involving a legacy trust or any trustee of the legacy trust a court […]

Section 5816.10 | Miscellaneous Rules; Conflicts, Tacking, Savings, Migration.

Effective: August 17, 2021 Latest Legislation: House Bill 7 – 134th General Assembly (A) In the event of any conflict between any provision of this chapter and any provision of Chapter 1336. of the Revised Code or any other provision of law similar to any provision of Chapter 1336. of the Revised Code, including, but […]

Section 5816.11 | Trust Advisors; Eligibility; Default Fiduciary Status.

Effective: March 27, 2013 Latest Legislation: House Bill 479 – 129th General Assembly (A) Any person may serve as an advisor of a legacy trust except that a transferor may act as an advisor only in connection with investment decisions. (B) An advisor shall be considered a fiduciary unless the terms of a legacy trust […]

Section 5816.12 | Rules Regarding Discretion.

Effective: March 27, 2013 Latest Legislation: 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 […]

Section 5816.13 | Discretionary Interests Not Property of a Beneficiary.

Effective: March 27, 2013 Latest Legislation: 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, […]

Section 5816.14 | Applicability of Chapter.

Effective: August 17, 2021 Latest Legislation: 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 […]