Ohio Revised Code Search

...the first of the following to occur: (1) The removal, resignation, or death of the trustee; (2) The termination of the beneficiary's interest in the trust; (3) The termination of the trust; (4) The time at which the beneficiary knew or should have known of the breach of trust. (D) Nothing in Chapters 5801. to 5811. of the Revised Code limits the operation of any principle of law or equity, including the doc...

...g 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...

...pt 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...

...ine, under the provisions of sections 5812.12 to 5812.47 of the Revised Code that apply to trustees and under division (E) of this section, the amount of net income and net principal receipts received from property specifically given to a beneficiary. The fiduciary shall distribute the net income and net principal receipts to the beneficiary that is to receive the specific property. (B) A fiduciary shall determine t...

... described in division (D) of section 5812.07 of the Revised Code is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one that does not receive part of the distribu...

... 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...

...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.

...llowing disbursements from principal: (1) The remaining one-half of the disbursements described in divisions (A) and (B) of section 5812.42 of the Revised Code; (2) All of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or termination, and disbursements made to prepare property for sale; (3) Payments on the principal of a trust debt; (4) Expenses of a proceeding that conc...

...r 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 ...

...ct to be reimbursed by a third party: (1) An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs; (2) A capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments; (3) Disbursements made to prepare property for rental, including tenant allowances, lease...

...able income shall be paid as follows: (1) From income, to the extent that receipts from the entity are allocated only to income; (2) From principal, to the extent that receipts from the entity are allocated only to principal; (3) Proportionately from principal and income, to the extent that receipts from the entity are allocated to both income and principal; (4) From principal, to the extent that the tax exceeds ...

...that arise from any of the following: (1) Elections and decisions, other than those described in division (B) of this section, that the fiduciary makes from time to time regarding tax matters; (2) An income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; (3) The ownership by an estate or trust of an interest...

...Sections 5812.01 to 5812.51 of the Revised Code apply to every trust or decedent's estate existing on January 1, 2003, except as otherwise expressly provided in the will or terms of the trust or in sections 5812.01 to 5812.51 of the Revised Code.

...lowing standards in the order stated: (1) A direction by the donor or transferor when the gift or transfer is made; (2) A statute of this state applicable to custodians; (3) The statute of this state applicable to guardians; (4) An order of the court. (D) Except as otherwise provided in sections 5814.01 to 5814.10 of the Revised Code, a custodian shall not be required to give a bond for the performance of the cu...

...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....

...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...

...t that contains all of the following: (1) The value of the work of art and whether it may be sold; (2) The time within which the proceeds of the sale are to be paid to the artist, if the work of art is sold; (3) The minimum price for the sale of the work of art; (4) The fee or percentage of the sale price that is to be paid to the art dealer for displaying or selling the work of art. (B) If an art dealer violate...

...ovided in division (B) of section 5805.01 of the Revised Code. (B) Except as otherwise provided in this section, the spendthrift provisions of a legacy trust shall restrain both voluntary and involuntary transfer of a transferor's interest in that trust. Any spendthrift provision in a legacy trust is enforceable under any applicable nonbankruptcy law within the meaning of section 541(c)(2) of the Bankruptcy Co...

...s 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 specific qualified disposition shall be avoided only to the extent necessary to satisfy a transferor's debt to the creditor who brought the action pursuant to division (A) of section 5816.07 of the Revised Code, and any part of the qualified dis...

...spositions 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.

...shing one or more of the following: (1) The lack of testamentary intent or the intent to create a trust, as the case may be; (2) The lack of the testator's testamentary capacity, or the settlor's legal capacity to enter into and establish the trust; (3) Undue influence, restraint, or duress on the testator or settlor; (4) Fraud or mistake in the execution of the will or trust; (5) Revocation of the will o...

... to it under sections 4503.535 and 5747.113 of the Revised Code and of contributions made directly to it. Any person or entity may contribute directly to the fund in addition to or independently of the income tax refund contribution system established in section 5747.113 of the Revised Code. (B) Upon application, the director of veterans services shall grant money in the fund to individuals injured while in active s...

...e the same meanings as in section 5903.01 of the Revised Code. (B) The sports gaming profits veterans fund is hereby created in the state treasury. Interest earned on the moneys in the fund shall be credited to the fund. The director of veterans services shall use all moneys credited to the fund for the following purposes: (1) For the direct benefit of veterans and their spouses and dependents, for the following ...

...(A) As used in this section: (1) "Uniformed services" and "service in the uniformed services" have the same meanings as in section 124.23 of the Revised Code. (2) "Organized militia of another state" means the national guard of any state, territory, or district other than Ohio or any military or naval force recognized under the laws of a state, district, or territory other than Ohio. (B) Any person whose absenc...

...consider an applicant for a license: (1) To have met the educational requirement for that license if the applicant has completed a military program of training and has been awarded a military primary specialty at a level that is substantially equivalent to or exceeds the educational requirement for that license; and (2) To have met the experience requirement for that license if the applicant has served in tha...