Ohio Code 5816.11 – Trust advisors; eligibility; default fiduciary status
Current as of: 2023 | Check for updates
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(A) Any person may serve as an advisor of a legacy trust except that a transferor may act as an advisor only in connection with investment decisions.
Terms Used In Ohio Code 5816.11
- Advisor: means a person to whom both of the following apply:
(a) The person satisfies the eligibility criteria specified in division (A) of section 5816. See Ohio Code 5816.02
- Fiduciary: A trustee, executor, or administrator.
- Legacy: A gift of property made by will.
- Legacy trust: means a trust evidenced by a written trust instrument to which all of the following apply:
(a) The trust has, names, or appoints at least one qualified trustee for or in connection with the property that is the subject of a qualified disposition. See Ohio Code 5816.02
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Transferor: means a person who directly or indirectly makes a disposition. See Ohio Code 5816.02
(B) An advisor shall be considered a fiduciary unless the terms of a legacy trust instrument expressly provide otherwise.