FREQUENTLY ASKED QUESTIONS

FREQUENTLY ASKED QUESTIONS:
OHIO TRUST LAW

The Law Library Staff prepares "Frequently Asked Questions" for the convenience of our users to provide access to a variety of sources addressing particular points of law. These are general legal information sources, and are not to be construed as a substitute for personal legal advice from an attorney. Please seek legal counsel to help you determine the applicability of any of the information in these resources to your specific situation. The Cleveland Law Library makes no recommendation as to whether you should purchase any services offered by the websites contained in this FAQ.

EFFECTIVE JANUARY 1, 2007, OHIO’S TRUST LAW CHANGED
SIGNIFICANTLY WITH ADOPTION OF:
THE OHIO TRUST CODE

Ohio Trust Law Statutes (effective until 01/01/07):

Prior Ohio trust laws were scattered among Ohio’s probate statutes:

Ohio Revised Code, Title 21 (testamentary trusts)
Ohio Revised Code, Chapter 1339 (inter vivos and testamentary trusts)
Ohio Revised Code, Chapter 1340 (inter vivos and testamentary trust)

There are many articles on trust law in the PROBATE LAW JOURNAL OF OHIO.

Ohio Courts have often cited the Restatement of Trusts (which is now in a third draft)

New Ohio Trust Code (Effective 01/01/07):

The New law: HB 416 adopted the Ohio Trust Code and amended the Ohio Uniform Prudent Investor Act
The New Statutes: The Ohio Trust Code will be part of a brand new title of the Ohio Revised Code–Title 58

Ohio Revised Code Chapters 5801 through 5811: Ohio Revised Code Online
Summary of the New Law: The Legislative Service Commission’s Final Bill Analysis can be found at LSC Final Analysis
According to the Legislative Service Commission, the new law will:
1. Regulate the creation, administration, modification, and termination of trusts and the powers and duties of settlors, trustees, beneficiaries, and the courts;
2. Provide for private settlement agreements among beneficiaries; and
3. Move various sections of the Ohio Revised Code, including the Uniform Principal and Income Act, the Institutional Trust Funds Act, and the Ohio Transfers to Minors Act, into Revised Code Chapters 5812, 5813, 5814, and 5815.
Changes Ohio Made to the UTC: To see the changes that Ohio made to the Uniform Trust Code, go to the website for: The National Conference on Commissioners on Uniform State Laws
Uniform Trust Code: To see the Uniform Trust Code, on which the Ohio Trust Code is based: UTC Online
Banker’s League Report on the Ohio Trust Code: Banker's Report Online
Articles on the new Ohio Trust Code:
Books
- Ohio trust code. Ohio State Bar Association CLE Institute, 2006.: Includes forms. KFO137.O66 2006.
- Ohio trust code. Brucken, Robert M.; Hindel, Joanne. Ohio State Bar 2007.
- Ohio trust code revisited: practical applications improving the OTC. KFO137 .O67 Ohio State Bar Association CLE Institute, 2007.
- Special Needs Trusts Handbook. KFO137.S63, Ohio State Bar Association CLE Institute, 2007

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Created on: September 12, 2006 -