Ohio Revised Code Search

...o 5811. of the Revised Code except the following: (1) The requirements for creating a trust; (2) The duty of a trustee to act in good faith and in accordance with the purposes of the trust; (3) The requirement that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve; (4) The power of the court to modify or terminate a trust under sections 5804.10 to 5804.16 of the Revis...

...'s law is contrary to a strong public policy of the jurisdiction having the most significant relationship to the matter at issue. In the absence of a controlling designation in the terms of the trust, the law of the jurisdiction having the most significant relationship to the matter at issue determines the meaning and effect of the terms. (B) The administration of a trust is governed by the law designated in...

...tration of the trust are valid and controlling if a trustee's principal place of business is located in or a trustee is a resident of the designated jurisdiction or if all or part of the administration occurs in the designated jurisdiction. (B) A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries. (C) Without ...

... the court is satisfied of both of the following: (1) That if all of the beneficiaries had consented, the trust could have been modified or terminated under this section; (2) That the interests of a beneficiary who does not consent will be adequately protected.

... or impossible to achieve, all of the following apply: (1) The trust does not fail in whole or in part. (2) The trust property does not revert to the settlor or the settlor's successors in interest. (3) The court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor's charitable purposes....

...is unenforceable against either of the following: (1) The beneficiary's child or spouse who has a judgment or court order against the beneficiary for support, but only if distributions can be made for the beneficiary's support or the beneficiary is entitled to receive mandatory distributions under the terms of the trust; (2) A claim of this state or the United States to the extent provided by the Revised Code or fe...

...nt a trustee of a trust that is not a wholly discretionary trust has not complied with a standard of distribution or has abused a discretion, both of the following apply: (1) The court may order a distribution to satisfy a judgment or court order against the beneficiary for support of the beneficiary's child or spouse, provided that the court may order the distributions only if distributions can be made for the bene...

...steeship, may do either or both of the following: (1) Act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary; (2) Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.

...rt may remove a trustee for any of the following reasons: (1) The trustee has committed a serious breach of trust; (2) Lack of cooperation among cotrustees substantially impairs the administration of the trust; (3) Because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficia...

...skill, and caution in doing all of the following: (1) Selecting an agent, cotrustee, or other fiduciary to whom the delegation is made; (2) Establishing the scope and terms of the delegation consistent with the purposes and terms of the trust; (3) Periodically reviewing the agent's, cotrustee's, or other fiduciary's actions in order to monitor the agent's, cotrustee's, or other fiduciary's performance and complian...

... of the trust, may exercise all of the following powers: (1) All powers over the trust property that an unmarried competent owner has over individually owned property; (2) Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; (3) Any other powers conferred by Chapters 5801. to 5811. of the Revised Code. (B) The exercise of a power is subject to the fidu...

...(A)(1) As used in the Revised Code, the "Ohio Uniform Prudent Investor Act" means sections 5809.01 to 5809.08, 5808.03, 5808.05, and 5808.06, division (A) of section 5808.02, and division (B) of section 5808.07 of the Revised Code, and those sections may be cited as the "Ohio Uniform Prudent Investor Act." (2) As used in the Ohio Uniform Prudent Investor Act, "trustee" means a trustee under any testamentary, inter v...

...rust assets shall not be evaluated in isolation but in the context of the trust portfolio as a whole and as part of an overall investment strategy having risk and return objectives reasonably suited to the trust. (D) Among circumstances that a trustee shall consider in investing and managing trust assets are the following as are relevant to the trust or its beneficiaries: (1) The general economic conditions; (2) T...

...(A) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. (B) To remedy a breach of trust that has occurred or may occur, the court may do any of the following: (1) Compel the trustee to perform the trustee's duties; (2) Enjoin the trustee from committing a breach of trust; (3) Compel the trustee to redress a breach of trust by paying money, restoring property, or other means;...

...iaries affected for the greater of the following: (1) The amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; (2) The profit the trustee made by reason of the breach. (B) Except as otherwise provided in this division, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contri...

...hin four years after 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 equit...

...cation 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 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...

... 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 to judicial proceedings concerning trusts co...

...e interest in a trust ends, all of the following apply: (A) The fiduciary of the estate or of the terminating income interest shall determine, 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 distribut...

...he purpose of this section, all of the following apply: (1) The beneficiary is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date, including assets that later may be sold to meet principal obligations. (2) The beneficiary's fractional interest in the undistributed principal assets must be calcu...

...comes subject to a 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 dea...

... under this 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.

...(A) A trustee shall make all of the following 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; ...

..., tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year. (B) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but shall not transfer any amount for depreciation under any of the following circumstances: (1) Any amount for depreciation of that portion of real property used or ...

...his section applies include all of the following, but only to the extent that the trustee has not been and does not expect 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, i...