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) while repealing section 5808.08. A key provision clarifies that transfers made or obligations incurred by a debtor upon their death are not actionable under certain fraudulent transfer laws, establishing a six-month timeframe for claims related to such transfers. Additionally, the bill mandates that agents acting under a power of attorney must prioritize the principal's best interests, avoid conflicts of interest, and maintain detailed transaction records, while also allowing for judicial review of their conduct.

Moreover, the bill outlines the roles and responsibilities of trust protectors, establishing their rights to modify trust instruments and adjust beneficiary interests. It specifies the fiduciary duties of protectors, detailing their liability for willful misconduct and limitations on their powers. The legislation also clarifies that protectors cannot compel distributions to themselves or release trustees from liability for misconduct. With provisions for the acceptance, rejection, and removal of protectors, as well as guidelines for their compensation, the bill aims to enhance the clarity and efficiency of trust administration in Ohio while ensuring the protection of beneficiaries' interests.

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