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OH SB106
Bill
AI Summary
Summary of Substitute Senate Bill 106
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Raises threshold for small estate guardianship termination from $10,000 to $25,000, allowing guardianships to be terminated or avoided when ward's estate does not exceed $25,000 in value without full court appointment or bonding requirements.
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Increases threshold for settling minor or incompetent person claims from $10,000 to $25,000, allowing courts to authorize settlement and delivery of settlement moneys without appointing a guardian for claims under $25,000.
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Modifies guardian residency requirements from county residency to state residency, permitting nonresident guardians if named in a parent's will, selected by minor over age fourteen, or nominated through durable power of attorney.
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Clarifies that divorce, dissolution of marriage, annulment, or legal separation automatically revokes any trust provisions conferring beneficial interests on the former spouse, unless the parties remarry or terminate the separation agreement.
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Excludes certain estate and trust proceedings (sections 2106.22, 2107.76, 2109.35, 2115.16, 5806.04, 5810.05) from the general savings statute limitations period, and extends wrongful death action filing deadline to one year after judgment reversal or later whichever occurs.
Legislative Description
To exclude from the application of the savings statute certain estate and trust proceedings that have limitation periods, to raise the threshold amount for the termination or avoidance of guardianships of small estates of wards, to raise the threshold amount for the avoidance of guardianship upon the settlement of claims of minors or adult incompetents, to clarify that termination of marriage revokes any trust provision conferring a beneficial interest on the former spouse, to modify the period within which a plaintiff in a wrongful death action may commence a new action after the reversal of a judgment for the plaintiff or the plaintiff's failure otherwise than upon the merits, and to modify the residency qualifications for a person's appointment as a guardian.
Estates and trusts law
Last Action
Effective Date
3/24/2010