Ohio · statute · Ohio Rev. Code ch. 5808 · 19 active provisions
Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with Chapters 5801. to 5811. of the Revised Code.
(A) A trustee shall administer the trust solely in the interests of the beneficiaries. (B) Subject to the rights of persons dealing with or assisting the trustee as provided in section 5810.12 of the Revised Code, a sale, encumbrance, or other transaction involving the investment or management of trust property entered…
If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests.
A trustee shall administer the trust as a prudent person would and shall consider the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.
Except as otherwise permitted by law, in administering a trust, a trustee may incur only costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.
A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, shall use those special skills or expertise.
(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…
(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 re…
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 reg…
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 rela…
(A) The judicial 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…
(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 othe…
Without limiting the authority conferred by section 5808.15 of the Revised Code, a trustee may do all of the following:(A) Collect trust property and accept or reject additions to the trust property from a settlor or any other person;(B) Acquire or sell property, for cash or on credit, at public or private sale;(C) Exc…
(A) Upon termination 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…
(A) Unless the trust instrument expressly provides otherwise and subject to the limitations set forth in this section, all of the following apply: (1) If a trustee of a trust, referred to in this section as the "first trust," has absolute power under the terms of the first trust to make distributions of principal to on…
(A) As used in this section, unless otherwise provided in any other provision in this section:(1) "Beneficiary" means the beneficiary of a future interest and includes a class member if the future interest is in the form of a class gift.(2) "Class member" means an individual who fails to survive the distribution date b…