The bill amends various sections of the Ohio Revised Code to enhance trust and probate laws, particularly concerning 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. A significant change is the clarification that transfers made or obligations incurred by a debtor due to their death are not actionable under certain fraudulent transfer provisions, establishing a six-month timeframe for claims related to such transfers post-death. Additionally, the bill 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 transaction records, while allowing for judicial review of an agent's conduct.

Further amendments focus on the roles and responsibilities of trust protectors and trustees, including the introduction of the Ohio Trust Protector and Directed Trust Act. This act defines the powers of a protector, such as modifying trust instruments and changing beneficiaries, while clarifying their fiduciary duties and potential liabilities. The bill also establishes that protectors cannot serve concurrently as trustees and outlines the procedures for managing multiple protectors. It emphasizes the limited duties of trustees and protectors, including a two-year limitation period for beneficiaries to initiate breach of trust claims against protectors. Overall, these changes aim to streamline trust management, clarify fiduciary responsibilities, and enhance 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