Effective: March 27, 2013
Latest Legislation: House Bill 479 - 129th General Assembly
To the extent conferred by the governing legacy trust instrument, a transferor to a legacy trust may have any or all of the rights, powers, and interests described in section 5816.05 of the Revised Code. A transferor shall have no rights, powers, or interests in, over, to, or regarding the corpus or income of a legacy trust unless those rights, powers, or interests are granted, permitted, or recognized by both section 5816.05 of the Revised Code and the governing legacy trust instrument. Any written, verbal, tacit, express, or implied agreement or understanding or any other agreement or understanding purporting to grant, permit, or recognize any greater rights, powers, or interests than are provided in this section or the governing legacy trust instrument is void. Any portion of a legacy trust instrument that is not voided under this section shall remain valid and effective.
Structure Ohio Revised Code
Chapter 5816 | Ohio Legacy Trust Act
Section 5816.01 | Short Title.
Section 5816.02 | Definitions.
Section 5816.03 | Spendthrift Provisions.
Section 5816.04 | Limits to Transferor's Authority.
Section 5816.05 | Permissible Retained Rights of a Transferor.
Section 5816.06 | Qualified Affidavits and Related Rules.
Section 5816.07 | Restrictions on Actions, Remedies, and Claims.
Section 5816.08 | Avoidance of Qualified Dispositions.
Section 5816.09 | Automatic Removal of Trustees; General Rules on Successor.
Section 5816.10 | Miscellaneous Rules; Conflicts, Tacking, Savings, Migration.
Section 5816.11 | Trust Advisors; Eligibility; Default Fiduciary Status.
Section 5816.12 | Rules Regarding Discretion.
Section 5816.13 | Discretionary Interests Not Property of a Beneficiary.