Section 5817.03 | Action by Settlor.
Effective: March 22, 2019 Latest Legislation: House Bill 595 – 132nd General Assembly (A) A settlor may file a complaint with the probate court to determine before the settlor’s death that the settlor’s trust is valid and enforceable under its terms, subject only to a subsequent revocation or modification of the trust. The right to […]
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 5815.33 | Termination of Marriage Revokes Designation of Spouse as Beneficiary.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) As used in this section: (1) “Beneficiary” means a beneficiary of a life insurance policy, an annuity, a payable on death account, an individual retirement plan, an employer death benefit plan, or another right to death benefits arising under a contract. […]
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 5815.34 | Termination of Marriage Affects Survivorship Rights.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A)(1) Unless the judgment or decree granting the divorce, dissolution of marriage, or annulment specifically provides otherwise, and subject to division (A)(2) of this section, if the title to any personal property is held by two persons who are married to each […]
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 5815.35 | General Partners Acting as Fiduciary.
Effective: October 12, 2016 Latest Legislation: House Bill 158 – 131st General Assembly (A)(1) As used in this division, “fiduciary” means any person, association, or corporation, other than a trustee of a testamentary trust, an assignee or trustee for an insolvent debtor, or a guardian under Chapter 5905. of the Revised Code, that is appointed […]
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 5815.36 | Disclaiming Testamentary and Nontestamentary Succession to Real and Personal Property.
Effective: March 27, 2013 Latest Legislation: 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 […]