Except to the extent expressly provided otherwise by the terms of a legacy trust instrument, each trustee and each advisor of a legacy trust shall have the greatest discretion permitted by law in connection with all matters of trust administration, all trust distributions, and all other trustee or advisor decisions.

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Terms Used In Ohio Code 5816.12

  • 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

  • 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

  • Trustee: A person or institution holding and administering property in trust.

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