The bill proposes significant amendments to the Ohio Revised Code concerning trust and probate laws, particularly focusing on fraudulent transfers and the responsibilities of agents under powers of attorney. It introduces new sections (5808.161, 5818.01-5818.33) and repeals section 5808.08, clarifying that transfers made or obligations incurred by a debtor due to their death are not actionable under certain fraudulent transfer provisions. Additionally, it establishes a six-month timeframe for claims related to such transfers after the debtor's death. The bill also outlines mandatory duties for agents acting under a power of attorney, emphasizing the need to act in the principal's best interest, avoid conflicts of interest, and maintain detailed records, while allowing for judicial review of an agent's conduct.

Moreover, the bill enhances the clarity and functionality of trust laws by introducing new definitions and responsibilities for trustees and fiduciaries. It establishes that a future interest under a trust is contingent on the beneficiary surviving the distribution date by at least one hundred twenty hours and outlines the conditions for creating substitute gifts for deceased beneficiaries' descendants. The legislation also addresses the roles of trust protectors, defining their powers and responsibilities, and clarifying that they may be held liable for breaches of trust in a fiduciary capacity. Overall, the proposed changes aim to modernize trust law in Ohio, ensuring better protection for beneficiaries and creditors while streamlining the administration of trusts.

Statutes affected:
As Introduced: 1336.04, 1336.05, 1336.09, 1337.34, 1337.36, 1337.42, 1337.52, 2117.02, 5701.11, 5801.04, 5801.07, 5806.02, 5806.03, 5808.19, 5810.08, 5812.43, 5815.25, 5816.11, 5808.08