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Ohio Enacts Trust Code
Ohio has recently enacted the Ohio Trust Code which will be effective January 1, 2007. It codifies trust law as Title 58, a new title to the Ohio Revised Code and will require modifications to most trust documents. The new law requires trustees to furnish a copy of the trust instrument to any beneficiary who requests one and it requires the trustee to notify beneficiaries of the acceptance of a trusteeship, the existence of a trust and the beneficiaries' rights to receive trustee's reports. Trustee reports are required to be sent annually to the current beneficiaries of the trust. The new law also applies a two year statute of limitations on a beneficiary's cause of action against a trustee for breach of trust.
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