Ohio Revised Code Search

...Except as otherwise provided in any provision of Chapters 5801. to 5811. of the Revised Code, those chapters apply to charitable and noncharitable inter vivos express trusts and to trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust. Chapters 5801. to 5811. of the Revised Code apply to charitable and noncharitable testamentary tr...

...(A) Subject to division (B) of this section, a person has knowledge of a fact if any of the following apply: (1) The person has actual knowledge of the fact. (2) The person has received notice or notification of the fact. (3) From all the facts and circumstances known to the person at the time in question, the person has reason to know the fact. (B) An organization that conducts activities through employees has n...

...rn the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary. (B) The terms of a trust prevail over any provision of Chapters 5801. to 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 p...

...11. or another section of the Revised Code.

...isdiction 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 the terms of the trust to govern trust administration....

...o be transferred; (2) The address and telephone number at the new location at which the trustee can be contacted; (3) An explanation of the reasons for the proposed transfer; (4) The date on which the trustee expects the proposed transfer to occur. (E) In connection with a transfer of the trust's principal place of administration, the trustee may transfer some or all of the trust property to a successor trustee d...

...suitable under the circumstances and likely to result in receipt of the notice or document. Permissible methods of notice or for sending a document include first-class mail, personal delivery, delivery to the person's last known place of residence or place of business, or a properly directed electronic message. (B) Notice otherwise required or a document otherwise required to be sent under Chapters 5801. to 5811. of...

...hapters 5801. to 5811. of the Revised Code require notice to current or qualified beneficiaries of a trust, the trustee shall also give notice to any other beneficiary who has sent the trustee a request for notice. (B) A person appointed to enforce a trust created for the care of an animal or another noncharitable purpose as provided in section 5804.08 or 5804.09 of the Revised Code has the rights of a current benef...

...a division of property based on the imposition or amount of one or more of those taxes, to give effect to the intent of the settlor; (8) Resolving any other matter that arises under Chapters 5801. to 5811. of the Revised Code. (D) No agreement shall be entered into under this section affecting the rights of a creditor without the creditor's consent or affecting the collection rights of federal, state, or local taxi...

...n of the estate or person, in acting under Chapters 5801. to 5811. of the Revised Code, shall comply with the guardian's duties under Chapter 2111. of the Revised Code or other applicable law.

...rse, including technologies that are developed after the date of this amendment. (2) "Trust" includes a revocable or irrevocable trust. (B) Notwithstanding any other section of the Revised Code, this section governs the beneficial rights under a trust of any child born through the use of any assisted reproductive technologies, and also applies to the exercise of any power of appointment granted under a trust inst...

...rent beneficiaries of the trust immediately prior to the triggering event that is the basis for the mandatory distributions; (3) Any co-trustee of the trust. (H) "Triggering event" means any event, such as a death, age attainment or other circumstance, that has occurred and that is the basis for a mandatory distribution under the terms of the trust. (I) "Trust-terminating distributions" means distributions that...

...ns 5801.22 and 5801.23 of the Revised Code, as applicable, when concluding the trustee's administration of an irrevocable trust. (B) Sections 5801.20 to 5801.24 of the Revised Code do not apply to a testamentary trust subject to the supervision of a probate court. (C) Except as otherwise provided in the Revised Code or other applicable law, including the common law, the provisions of sections 5801.22 and 5801.2...

...y parties the documents and information described in division (B) of this section. The trustee also may serve those documents and that information on other persons who the trustee reasonably believes may have an interest in the trust. Service shall be made within a reasonable period of time after the event or determination that requires or authorizes such distributions. (B) The documents and information to be serve...

... or otherwise and the departing trustee elects to use the provisions of this section, the departing trustee shall serve on the resignation or removal necessary parties the documents and information described in division (B) of this section. The trustee also may serve those documents and that information on other persons who the trustee reasonably believes may have an interest in the trust. Service shall be made withi...

...nsent to the proposed distributions or delivery of assets described in the notice; (ii) Fail to object within the applicable objection period. (2) If the criteria described in division (A)(1) of this section are met, the beneficiary of the estate or subtrust who is subject to the claims bar with respect to the administration of the noticing trust shall be barred to the same extent from bringing a claim against th...

...vestor Act may be expanded, restricted, eliminated, or otherwise altered, without express reference by the instrument creating a trust to the Ohio Uniform Prudent Investor Act or any section of the Revised Code that is part of that act. (D) A trustee is not liable to a beneficiary of a trust to the extent the trustee acted in reasonable reliance on the provisions of the trust.

...ke a reasonable effort to verify facts relevant to the investment and management of trust assets. (C) A trustee's investment and management decisions respecting individual trust 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 t...

... 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.

...diversify the investment in the policy relative to any other life insurance policies or to any other trust assets; (3) To exercise or not to exercise any option, right, or privilege available under the policy, including the payment of premiums unless there is sufficient cash or there are other readily marketable trust assets from which to pay the premiums or there are other trust assets that were designated by ...

...sions 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 Ohio Uniform Prudent Investor Act.

...Compliance with the Ohio Uniform Prudent Investor Act shall be determined in light of the facts and 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...

...ion but in regard to the permanent disposition of their funds considering the probable income as well as the probable safety of their capital"; "prudent man rule"; "prudent trustee rule"; "prudent person rule"; and "prudent investor rule."

...(A) The Ohio Uniform Prudent Investor Act shall be applied and construed to effectuate the general purpose to make uniform the law with respect to the subject of these sections among the states enacting it. (B) The Ohio 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 decis...