Ohio Trust Code became effective January 1, 2007

The new Ohio Trust Code became effective January 1, 2007.  The Ohio Trust Code systematically collected most of the existing Ohio law of trusts into a new Title of the Ohio Revised Code, Title 58.  However, a number of important new changes in Ohio trust law also became effective, which makes it important for Ohioans to revisit or rewrite their Estate Planning documents.  Some of the key changes include statutory provisions for:

  • 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.