Section 5807.01 | Acceptance or rejection of trusteeship.
(A) Except as otherwise provided in division (C) of this section, a person designated as trustee accepts the trusteeship by substantially complying with a method of acceptance provided in the terms of the trust or, if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.
(B) A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.
(C) A person designated as trustee, without accepting the trusteeship, 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.
Available Versions of this Section
- January 1, 2007 – House Bill 416, 126th General Assembly [ View January 1, 2007 Version ]