Bill > HB446

This bill modifies Ohio's trust and probate laws, introducing comprehensive changes to various aspects of trust management, trust protector roles, and legal procedures related to trusts. The bill creates an entirely new chapter (Chapter 5818) governing trust protectors and directed trusts, which establishes detailed rules about the rights, powers, duties, and liabilities of trust protectors. Key provisions include defining a trust protector's role, specifying when they are acting in a fiduciary or non-fiduciary capacity, establishing their informational duties, limiting their liability, and providing guidelines for their appointment, compensation, and potential removal. The bill also makes numerous amendments to existing trust-related statutes, clarifying definitions, expanding trustee and protector responsibilities, and providing more robust legal frameworks for trust administration. For example, the bill modifies provisions related to fraudulent transfers, power of attorney duties, and trust administration, with a strong emphasis on giving maximum effect to the settlor's intent and providing flexibility in trust management while maintaining appropriate legal safeguards.

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https://www.legislature.ohio.gov/legislation/136/hb446