Effective: March 27, 2013
Latest Legislation: House Bill 479 - 129th General Assembly
No beneficiary or other person shall be considered to have a property interest in any property of a legacy trust to the extent that the distribution of that property is subject to the discretion of one or more qualified trustees or advisors, either acting alone or in conjunction with any other person, including any person authorized to veto any distributions from the legacy trust.
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.