Recent News

October 6, 2006

Ohio Trust Code: the role of the trustee

The Ohio Trust Code (OTC), a part of newly created Title 58 of the Revised Code, is dedicated entirely to trusts. On Tuesday, October 17, from 9:00 a.m. to 12:15 p.m. the Probate committee will host “The Ohio Uniform Trust Code: Familiarizing Yourself with the Provisions of Ohio’s New Trust Code.” This seminar will use a unique approach in covering the OTC from the perspectives of the probate court, drafter, trustee and beneficiary.

Presenting the judge’s perspective will be Judge Lawrence A. Belskis, Franklin County Probate Court, while Thomas J. Bonasera, Buckingham Doolittle & Burroughs, will present the drafting attorney’s perspective. Damon P. Muldoon, Fifth Third Bank, will provide the trustee’s perspective and Christopher D. Fidler, Baker & Hostetler, will complete the program with the beneficiary’s perspective.

“The Ohio Trust Code should improve the administration of trusts in Ohio and make Ohio a more attractive state in which to create a trust and be a trustee,” said Damon Muldoon, in speaking about the trustee’s perspective. “The codification of Ohio case law and a series of prior statutes will provide trustees more certainty to act in a prudent manner and the flexibility to resolve future controversies among interested parties without court intervention.”

He added, “The enactment of the Code will require the trustee to adhere to some additional rules and formalities. The most significant difference will be the duty to inform and provide reports to different types of beneficiaries of a trust. The seminar will focus in part on these requirements of the trustee, as well as the rules with respect to acceptance of trusteeship, interaction among co-trustees; resignation and removal; standards for determining trustee compensation; and the inclusion or exclusion of trust powers based on specific circumstances.”

This event will probably sell out, so register online now at www.cbalaw.org or phone 614/221.4112 for event # 3638. The cost is $85 prepaid/$95 day of for members, $125 prepaid/$135 day of for non-members and $55 prepaid/$65 day of for paralegals.