• New, mandatory reports and notices to beneficiaries
• Restrictions against limitations of the powers of the Probate Court
• Presumed, but restrictable, general and specific trustee powers
• Trustee delegation of powers and beneficiary representation
• The creation, modification and termination of trusts
• Creditor rights and government benefit qualifications
• Private Settlement Agreements, sometimes without Probate Court approval
• Updated charitable trust law

Note that the Ohio Trust Code applies to non-charitable, inter vivos (living), express trusts and to trusts created pursuant to a statute, Judgment or court decree that requires the trust to be administered in the manner of an express trust.  The Ohio Trust Code applies to charitable trusts.  The application of the Ohio Trust Code to Testamentary Trusts, i.e. those created in a Last Will and Testament, is limited by the existing Ohio Title 21, which provisions take precedence over those of the Ohio Trust Code.  Most of the provisions of the Ohio Trust Code apply to trusts in existence prior to January 1, 2007.

There are other important reasons to make [or review] your Estate Planning documents since the enactment of the 2007 Ohio Trust Code.  An increase or change in your assets, a change in family circumstances or change in financial institutions, are some of the common reasons to see your Estate Planning Attorney for a consultation.  If you would like to request a copy of the Stimler Law Offices’ Wills, Trusts & Estate Planning Workbook, click here and we will send you a copy of the workbook free of charge.

The final rule was published on November 1, 2005 in the Federal Register and it becomes effective one year later, on November 1, 2006.

Why should you as a prospective real estate purchaser / lessee care about the environmental condition of the property you are considering buying or leasing? You didn’t cause any environmental problems…you shouldn’t have liability, right? Wrong. Liability for property contamination is strict, retroactive and joint and several—anyone who owns or leases contaminated property is a potentially responsible party, even if they did not cause the contamination. The only way to protect yourself as a prospective landowner, contiguous landowner or tenant is to “check out” the property before you buy or lease it strictly following the federal standards [or its ASTM equivalent] for conducting such appropriate inquiries into the previous ownership, uses and conditions of the property you are considering buying or leasing.

The newly prescribed All Appropriate Inquiry Rule can be found on the USEPA website at www.epa.gov and its ASTM standard equivalent is ASTM E 1527-05. Until the effective date of November 1, 2006, persons may continue to use the interim standard, ASTM E 1527-00.

Don’t be fooled into relaxing your standards when buying or leasing real estate. If you buy or lease contaminated property, you will be a potentially responsible party that the government may sue to recover the costs of investigating and cleaning up contaminated property even if you had nothing to do with the cause of the contamination—unless you can demonstrate that you conducted “All Appropriate Inquiries” about the property in question before you bought or leased it. The investigation and remedial costs often far exceed the cost of the real estate. Conduct All Appropriate Inquiries before buying or leasing property.

For assistance on how to obtain a qualified consultant to conduct and document that All Appropriate Inquiries were done, contact Kathleen E. Stimler at kstimler@stimlerlawoffices.com.

James T. Stimler was on the October 5, 2005 seminar faculty, and he and Dr. John F. McGreevy were co-presenters on the seminar segment entitled, “A Case Study in Effective Medical & Legal Communications for the Patient from Initial Disability to Death”. Stimler also co-presented with Joseph J. Feltes on the seminar segment entitled, “Getting the Medical Practice in Order—Business Legal Protocol Checklists”.

The day-long seminar was approved by the Ohio Supreme Court Commission on Continuing Legal Education for CLE credit hours and by the Office of Continuing Medical Education for CME credit hours. For more information about the Institute for Community-Based Medicine & Law see www.neoucom.edu/CommBasedMedLaw

Mr. Stimler is one of 120 Ohio attorneys to have earned this distinction. To become a Certified Specialist , an attorney must demonstrate substantial and continuing involvement in a particular field of law; submit five references attesting to competency in the specialty area; earn at least 45 hours of intermediate or advanced continuing legal education credits in the specialty area in a 3 year time frame; remain in good-standing with the Supreme Court of Ohio; pass a written exam; and prove financial responsibility by maintaining professional liability insurance coverage.Estate Planning is more than avoiding probate and saving on estate taxes. Estate Planning also is about naming guardians for your minor children; formally appointing a person to make health-care decisions for you when needed; formally appointing a person to make financial and business decisions for you when needed; and directing assets to loved ones and favorite charities.

Estate Planning is about making your wishes known to others, so that decisions which are consistent with your values can be made on your behalf. If you have an Estate Planning question, or need to revise your Estate Plan because of a recent change in your life circumstances, contact James T. Stimler at jstimler@stimlerlawoffices.com or call 330-252-0300.