Modify trust and probate laws
What changed between versions
Added a new chapter (Chapter 5818) creating the 'Ohio Trust Protector and Directed Trust Act,' which defines protectors, outlines their powers and duties, and establishes rules for when they act as fiduciaries.
Updated powers of attorney sections to explicitly list mandatory duties for agents, including acting in good faith, preserving the principal's estate plan, and keeping accurate records.
Added new sections allowing trustees to reimburse persons treated as trust owners for their income tax liabilities attributable to the trust's income.
Extended the time limit for creditors to sue to recover fraudulent transfers from four years to four years for intentional fraud and four years for transfers without value, with specific adjustments for death-related transfers.
Modified probate laws to allow nonresident individuals related to a decedent, private trust companies, and nonresidents from states with similar laws to serve as administrators, executors, or guardians without mandatory removal.
Added new definitions for 'protector,' 'trust directive,' 'legacy trust,' and 'trust office' to clarify the legal framework for third-party oversight of trusts.
