Ohio Revised Code Chapter 5816 - Ohio Legacy Trust Act

• Section 5816.01 - Short Title.
  This chapter may be cited as the Ohio legacy trust act. Added by 129th General AssemblyFile No.201, HB 479, §1, eff. 3/27/2013.
• Section 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)...
• Section 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...
• Section 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,...
• Section 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...
• Section 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....
• Section 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...
• Section 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...
• Section 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 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...
• Section 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...
• Section 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...
• Section 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...
• Section 5816.14 - Applicability Of Chapter.
  This chapter applies to qualified dispositions made on or after the effective date of this section. Added by 129th General AssemblyFile No.201, HB 479,...

Last modified: October 10, 2016