Ohio Rev. Code § 5816.01
Short title.
This chapter may be cited as the Ohio legacy trust act.
Chapter 5816 | Ohio Legacy Trust Act
Ohio · statute · Ohio Rev. Code ch. 5816 · 14 active provisions
Ohio Rev. Code § 5816.02
Definitions.
As used in this chapter, unless the context otherwise requires: (A)(1) "Advisor" means a person to whom both of the following apply: (a) The person satisfies the eligibility criteria specified in division (A) of section 5816.11 of the Revised Code. (b) The person is given the authority by the terms of a legacy trust to…
Ohio Rev. Code § 5816.03
Spendthrift Provisions.
(A) In addition to any other method allowed by law, the spendthrift provision of a legacy trust may be stated as provided in division (B) of section 5805.01 of the Revised Code. (B) Except as otherwise provided in this section, the spendthrift provisions of a legacy trust shall restrain both voluntary and involuntary t…
Ohio Rev. Code § 5816.04
Limits to transferor's authority.
To the extent conferred by the governing legacy trust instrument, a transferor to a legacy trust may have any or all of the rights, powers, and interests described in section 5816.05 of the Revised Code. A transferor shall have no rights, powers, or interests in, over, to, or regarding the corpus or income of a legacy…
Ohio Rev. Code § 5816.05
Permissible retained rights of a transferor.
A legacy trust may allow or provide for any or all of the following rights, powers, interests, or provisions, none of which grants, or is considered to be, either alone or in any combination, a right or power to revoke a trust or to voluntarily or involuntarily transfer an interest in that trust: (A) A provision that,…
Ohio Rev. Code § 5816.06
Qualified affidavits and related rules.
(A) Except as otherwise provided in this section, a transferor shall sign a qualified affidavit before or substantially contemporaneously with making a qualified disposition. (B) A qualified affidavit shall be notarized and shall contain all of the following statements under oath: (1) The property being transferred to…
Ohio Rev. Code § 5816.07
Restrictions on actions, remedies, and claims.
(A) Notwithstanding any provision of law to the contrary but subject to division (G) of section 5816.10 of the Revised Code, no creditor may bring an action of any kind, including, but not limited to, an action to enforce a judgment entered by a court or other body having adjudicative authority, an action at law or in…
Ohio Rev. Code § 5816.08
Avoidance of qualified dispositions.
All of the following apply in connection with any action brought pursuant to this section or division (A) of section 5816.07 of the Revised Code: (A) If a qualified disposition is wholly or partially avoided, all of the following apply:(1) That specific qualified disposition shall be avoided only to the extent necessar…
Ohio Rev. Code § 5816.09
Automatic removal of trustees; general rules on successor.
Any successor or replacement trustees of a legacy trust shall be determined or selected in the following manners: (A)(1) Division (A)(2) of this section applies if in any action involving a legacy trust or any trustee of the legacy trust a court enters or issues any order in which or by which the court declines to appl…
Ohio Rev. Code § 5816.10
Miscellaneous rules; conflicts, tacking, savings, migration.
(A) In the event of any conflict between any provision of this chapter and any provision of Chapter 1336. of the Revised Code or any other provision of law similar to any provision of Chapter 1336. of the Revised Code, including, but not limited to, any similar provision of law adopted, promulgated, or enacted by a jur…
Ohio Rev. Code § 5816.11
Trust advisors; eligibility; default fiduciary status.
(A) Any person may serve as an advisor of a legacy trust except that a transferor may act as an advisor only in connection with investment decisions. (B) An advisor shall be considered a fiduciary unless the terms of a legacy trust instrument expressly provide otherwise.
Ohio Rev. Code § 5816.12
Rules regarding discretion.
Except to the extent expressly provided otherwise by the terms of a legacy trust instrument, each trustee and each advisor of a legacy trust shall have the greatest discretion permitted by law in connection with all matters of trust administration, all trust distributions, and all other trustee or advisor decisions.
Ohio Rev. Code § 5816.13
Discretionary interests not property of a beneficiary.
No beneficiary or other person shall be considered to have a property interest in any property of a legacy trust to the extent that the distribution of that property is subject to the discretion of one or more qualified trustees or advisors, either acting alone or in conjunction with any other person, including any per…
Ohio Rev. Code § 5816.14
Applicability of chapter.
This chapter applies to qualified dispositions made on or after March 27, 2013, except that division (S)(1)(b)(ii) of section 5816.02 of the Revised Code applies to any legacy trust settled or administered on or after the effective date of this amendment. Last updated May 21, 2021 at 11:02 AM