Ohio Revised Code Search

...(A) A trustee may delegate duties and powers that a prudent trustee having comparable skills could properly delegate under the circumstances. In accordance with this division, a trustee shall exercise reasonable care, 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 consisten...

...(A) While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. (B) As provided in section 5815.25 of the Revised Code, a trustee is not liable for losses resulting from certain actions or failures to act when other persons are granted certain powers with respect to the administration of the trust. (C) The terms of a trust may confer upon a trustee...

...A trustee shall take reasonable steps to take control of and protect the trust property.

...(A) A trustee shall keep adequate records of the administration of the trust. (B) A trustee shall keep trust property separate from the trustee's own property. (C) Except as otherwise provided in division (D) of this section and in section 2131.21 of the Revised Code, a trustee not subject to federal or state banking regulation shall cause the trust property to be designated so that the interest of the trust, to th...

...A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.

...A trustee shall take reasonable steps to collect trust property held by third persons. The responsibility of a successor trustee with respect to the administration of the trust by a prior trustee shall be governed by section 5815.24 of the Revised Code.

...(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...

...l standard of review for discretionary trusts is that the trustee shall exercise a discretionary power reasonably, in good faith, and in accordance with the terms and purposes of the trust and the interests of the beneficiaries, except that with respect to distribution decisions a reasonableness standard shall not be applied to the exercise of discretion by the trustee of a wholly discretionary trust. The grea...

...(A) A trustee, without authorization by the court, may exercise powers conferred by the terms of the trust and, except as limited by the terms 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...

...ns entitled to it; (AA) Employ agents, attorneys, accountants, investment advisors, and other professionals.

...ermination 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 for object...

... section. (K) If the first trust is a testamentary trust established under the will of a testator who was domiciled in this state at the time of the testator's death, the power to distribute trust income or principal to the trustee of a second trust under division (A) or (B) of this section may be exercised only if approved by the court, if any, that has jurisdiction over the testamentary trust. (L) Division...

...n agent of the settlor under a power of attorney, or a guardian of the person or estate of the settlor, was serving. (9) "Stepchild" means a child of the surviving, deceased, or former spouse of the transferor and not of the transferor. (10) "Transferor" means any of the following: (a) The donor and donee of a power of appointment, if the future interest was in property as a result of the exercise of a power of ap...

...ct, "trustee" means a trustee under any testamentary, inter vivos, or other trust. (B) Except as provided in division (C) or (D) of this section, a trustee who invests and manages trust assets under the Ohio Uniform Prudent Investor Act owes a duty to the beneficiaries of the trust to comply with the Ohio Uniform Prudent Investor Act. (C) The Ohio Uniform Prudent Investor Act may be expanded, restricted, eliminate...

...(A) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this requirement, the trustee shall exercise reasonable care, skill, and caution. (B) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets. (C) A trustee's inves...

...(A) A trustee may invest in any kind of property or type of investment provided that the investment is consistent with the requirements and standards of the Ohio Uniform Prudent Investor Act. (B) A trustee shall diversify the investments of a trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.

...under the policy. (B) The trustee, the attorney who drafted a trust, or any person who was consulted with regard to the creation of a trust, in the absence of fraud, is not liable to the beneficiaries of the trust or to any other person for any loss arising from the absence of the duties specified in divisions (A)(1) to (5) of this section. (C) Unless otherwise provided by the terms of the trust, this section...

...hin a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of trust assets in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and in order to comply with the requirements and standards of the...

...circumstances existing at the time of a trustee's decision or action and not by hindsight.

...(A) A trustee may delegate investment and management functions of a trust that a prudent trustee having comparable skills could properly delegate under the circumstances. A trustee that exercises its delegation authority under this division shall comply with the requirements of division (A) of section 5808.07 of the Revised Code. (B) In performing investment or management functions of a trust that are delegated to a...

...parable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted by the Ohio Uniform Prudent Investor Act: "investments permissible by law for investment of trust funds"; "legal investments"; "authorized investments"; "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise ...

...Uniform Prudent Investor Act applies to trusts existing on or created after March 22, 1999. As applied to trusts existing on March 22, 1999, the Ohio Uniform Prudent Investor Act governs only decisions or actions occurring after March 22, 1999. (C) The temporary investment of cash or funds pursuant to section 5815.26 or 2109.372 of the Revised Code shall be considered a prudent investment in compliance with the Oh...

...(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;...

...(A) A trustee who commits a breach of trust is liable to the beneficiaries 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 ...

...(A) Absent a breach of trust, a trustee is not accountable to a beneficiary for any profit made by the trustee arising from the administration of the trust. (B) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.