Ohio Revised Code Search

...n, "depreciation" means a reduction in value due to wear, 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 fo...

...ustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements. (B) Principal disbursements to which division (A) of this section applies include all of the following, but only to the extent that the trustee has...

... be paid by a trustee based on receipts allocated to income shall be paid from income. (B) A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority. (C) A tax required to be paid by a trustee on the trust's share of an entity's taxable income shall be paid as follows: (1) From income, to the extent ...

...ary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries 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 up...

...ode may be cited as the "uniform principal and income act." (B) In applying and construing the "uniform principal and income act," consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact the "uniform principal and income act."

...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.

...d 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 of an institution. (C) "Institutional trust fund" means a trust fund, or a part of a trust fund, that is held by a trustee for the exclusive use, be...

....03 of the Revised Code, during any fiscal year in which income may be or is required to be distributed to an institution from an institutional trust fund, income means the greater of the following: (1) The income from the assets of the institutional trust fund for the fiscal year as determined in accordance with the applicable trust instrument and applicable law without regard to sections 5813.01 to 5813.07 of the...

...red from a designation of an institutional trust fund as an endowment; a direction or authorization in the applicable trust instrument to use only "income," "interest," "dividends," or "rents, issues, or profits," or "to preserve the principal intact," or a direction that contains other words of a similar import; a direction in a trust instrument that income and principal are to be determined by reference to certain ...

...amounts from a trustee of an institutional trust fund in accordance with divisions (A) and (B) of section 5813.02 of the Revised Code, members of a governing board of an institution shall exercise ordinary business care and prudence under the facts and circumstances prevailing at the time of the action or decision and shall make requests for amounts under divisions (A) and (B) of section 5813.02 of the Revised Code o...

...aking, distributions from an institutional trust fund in accordance with sections 5813.01 to 5813.07 of the Revised Code.

...niform prudent management of institutional funds act. Specifically, neither the percentage set forth in division (B) of section 5813.02 of the Revised Code nor the amount actually requested by a governing board pursuant to that section shall be construed or interpreted to limit or expand what is a prudent amount that can be expended by a governing board of an institution under sections 1715.51 to 1715.59 of the...

...ed Code may be cited as the "institutional trust funds act."

...on that has a present or future beneficial interest in a trust, whether vested or contingent; (b) Any person that, in a capacity other than that of trustee, holds a power of appointment over trust property, but does not include the class of permitted appointees among whom the power holder may appoint. (2) "Beneficiary under a trust" includes a charitable organization that is expressly designated in the terms of t...

...'s death that the testator's will is a valid will subject only to subsequent revocation or modification of the will. The right to file a complaint for a determination of the validity of a testator's will under this chapter, or to voluntarily dismiss a complaint once filed, is personal to the testator and may not be exercised by the testator's guardian or an agent under the testator's power of attorney. (B) A testat...

...or'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 file a complaint for a determination of the validity of a settlor's trust under this chapter, or to voluntarily dismiss a complaint once filed, is personal to the settlor and may not be exercised by the settlor's guardian or an agent under the settlor's power...

...(A) A complaint to determine the validity of a will or a trust shall be filed with the probate court. The probate judge, upon the motion of a party or the judge's own motion, may transfer the proceeding to the general division of the court of common pleas. (B) The venue for a complaint under section 5817.02 of the Revised Code is either of the following: (1) The probate court of the county in this state where the...

...r section 5817.02 of the Revised Code shall name as party defendants all of the following, as applicable: (1) The testator's spouse; (2) The testator's children; (3) The testator's heirs who would take property pursuant to section 2105.06 of the Revised Code had the testator died intestate at the time the complaint is filed; (4) The testator's beneficiaries under the will; (5) Any beneficiary under the tes...

...r section 5817.03 of the Revised Code shall name as party defendants the following, as applicable: (1) The settlor's spouse; (2) The settlor's children; (3) The settlor's heirs who would take property pursuant to section 2105.06 of the Revised Code had the settlor died intestate at the time the complaint is filed; (4) The trustee or trustees under the trust; (5) The beneficiaries under the trust; (6) If ...

... of the related trust, if applicable, shall be made on every party defendant named in the complaint filed under section 5817.02 of the Revised Code, as provided in the applicable Rules of Civil Procedure. (B) Service of process, with a copy of the complaint and the trust, and a copy of the related will, if applicable, shall be made on every party defendant named in the complaint filed under section 5817.03 of the R...

...817.03 of the Revised Code, the court shall fix a time and place for a hearing. (B) Notice of the hearing shall be given to the testator or settlor, as applicable, and to all party defendants, as provided in the applicable Rules of Civil Procedure. (C) The hearing shall be adversarial in nature and shall be conducted pursuant to sections 2101.31 and 2721.10 of the Revised Code, except as otherwise provided in thi...

...tamentary 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 or trust. (B) A party to the proceeding has the ultimate burden of persuasion as to the matters for which the party has the initial burden of proof.

...(A)(1) The court shall declare the will valid if it finds all of the following: (a) The will was properly executed pursuant to section 2107.03 of the Revised Code or under any prior law of this state that was in effect at the time of execution. (b) The testator had the requisite testamentary capacity, was free from undue influence, and was not under restraint or duress. (c) The execution of the will was not th...

...his section, no person may contest the validity of a will or trust that is declared valid in a proceeding pursuant to this chapter. (B) The failure to name a necessary defendant under division (A) of section 5817.05 of the Revised Code is not jurisdictional. A declaration of a will's validity under this chapter shall be binding upon all defendants who were named or represented, and properly served pursuant to divis...

...(A) After a declaration of a will's validity under division (A)(1) of section 5817.10 of the Revised Code, the will may be modified by a later will or codicil executed according to the laws of this state or another state, and the will may be revoked under section 2107.33 of the Revised Code or other applicable law. (B) The revocation by a later will, or other document under section 2107.33 of the Revised Code, of a...