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OH SB117
Bill
Status
3/22/2012
Primary Sponsor
Louis Terhar
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AI Summary
SB 117 Summary
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Adopts the Uniform Power of Attorney Act (sections 1337.21-1337.64), establishing comprehensive rules for creating, executing, and enforcing powers of attorney with detailed agent duties, authority limitations, and termination provisions.
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Modifies trust law by allowing trustees to distribute principal to other trusts, exempting trustees from certain life insurance policy duties, permitting private settlement agreements among some (but not all) interested parties, and enabling trusts to be titled in trust form without naming individual trustees.
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Expands anti-lapse protections to trusts (previously only in wills) so that if a beneficiary dies before distribution, their descendants may substitute and inherit per stirpes, unless the trust document indicates otherwise.
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Creates a probate court procedure for involuntary treatment orders for persons with alcohol and drug abuse, requiring verified petitions, physician examinations, court hearings, and security deposits from petitioners.
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Clarifies trust construction and modification procedures for trusts referencing federal estate tax, generation-skipping transfer tax, or Ohio estate tax, allowing courts and private settlement agreements to address issues created by repeal or reenactment of these taxes.
Legislative Description
To adopt the Uniform Power of Attorney Act; to modify a trustee's duties with respect to life insurance policies, specify a trustee's power to distribute trust principal in further trust, provide for the titling of assets in trust form, permit some but not all of specified parties to enter into a private settlement agreement, and make other changes in the Trust Code; to modify the anti-lapse provisions regarding wills and adopt anti-lapse provisions applicable to trusts; to provide a mechanism for a probate court to order a person who suffers from alcohol and other drug abuse to undergo treatment; and to provide a procedure for the construction or modification of a trust that refers to the federal estate tax, generation-skipping transfer tax, or Ohio estate tax.
Powers of attorney/trust revisions/will interpretation/alcohol & drug treatment
Last Action
Effective Date
3/22/2012