Ohio Revised Code Search

...(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 cotr...

...(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) Up...

...Without limiting the authority conferred by section 5808.15 of the Revised Code, a trustee may do all of the following: (A) Collect trust property and accept or reject additions to the trust property from a settlor or any other person; (B) Acquire or sell property, for cash or on credit, at public or private sale; (C) Exchange, partition, or otherwise change the character of trust property; (D) Deposit trust mone...

...(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 f...

...(A) Unless the trust instrument expressly provides otherwise and subject to the limitations set forth in this section, all of the following apply: (1) If a trustee of a trust, referred to in this section as the "first trust," has absolute power under the terms of the first trust to make distributions of principal to one or more current beneficiaries, that trustee may exercise that power by distributing all or...

...(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...

...(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 p...

...(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 exte...

...(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 trust...

...As used in sections 5812.01 to 5812.52 of the Revised Code: (A) "Accounting period" means a calendar year unless another twelve-month period is selected by a fiduciary. "Accounting period" includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends. (B) "Beneficiary" includes, in the case of a decedent's estate, an heir, legatee,...

...(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 u...

...(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 s...

...A trustee shall allocate to principal all of the following: (A) To the extent not allocated to income under sections 5812.01 to 5812.52 of the Revised Code, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary; (B) Money or other property received from the sale,...

...If a trustee determines that an allocation between principal and income required by section 5812.32, 5812.33, 5812.34, 5812.35, or 5812.38 of the Revised Code is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in division (C) of section 5812.03 of the Revised Code applies to the allocation. This power may be exercised by a cotrustee in the circumstanc...

...As used in sections 5813.01 to 5813.07 of the Revised Code: (A) "Institution" means an incorporated or unincorporated organization that is organized and operated exclusively for educational, religious, charitable, or other eleemosynary purposes or a governmental organization to the extent that it holds funds exclusively for any of those purposes. (B) "Governing board" means the body responsible for the management ...

...As used in sections 5814.01 to 5814.10 of the Revised Code, unless the context otherwise requires: (A) "Benefit plan" means any plan of an employer for the benefit of any employee, any plan for the benefit of any partner, or any plan for the benefit of a proprietor, and includes, but is not limited to, any pension, retirement, death benefit, deferred compensation, employment agency, stock bonus, option, or profit-sh...

...(A) A custodian is entitled to reimbursement from the custodial property for reasonable expenses incurred in the performance of the custodian's duties. (B) A custodian may act without compensation for the custodian's services. (C) Unless the custodian is a donor or transferor, the custodian may receive from custodial property reasonable compensation for the custodian's services determined by one of the following st...

...(A) Subject to the requirements and limitations of this section, the time for delivery to the minor of custodial property transferred under or pursuant to division (A) of section 5814.02 of the Revised Code may be delayed until a specified time after the minor attains the age of twenty-one years, which time shall be specified in the written instrument that makes or provides for the gift or transfer pursuant to divisi...

...As used in sections 5815.02 and 5815.03 of the Revised Code: (A) "Fiduciary" includes a trustee under any trust, expressed, implied, resulting, or constructive; an executor, administrator, public administrator, guardian, committee, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a public or private corporation, or public officer; or any other p...

...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 be...

...(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...

...(A) As used in this section: (1) "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 a person, trust, or estate. (2) "Short term trust-quality investment fund" means a short term investment fund that meets both of the following conditions: (a) The fund may be either a collective investment...

...(A)(1) As used in this division, "fiduciary" means any person, association, or corporation, other than a trustee of a testamentary trust, an assignee or trustee for an insolvent debtor, or a guardian under Chapter 5905. of the Revised Code, that is appointed by and accountable to the probate court, and that is acting in a fiduciary capacity for another or charged with duties in relation to any property, interest, or ...

...(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, p...

...(A) If any interest in real property held by any trustee of an express trust that is wholly or partially governed by a law of this state or any interest in real property located in this state that is held by the trustee of a trust wholly governed by the law of one or more jurisdictions other than this state is temporarily conveyed to any beneficiary of that trust and reconveyed back to any trustee of that trust, the ...