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ARTICLE · 23 OCTOBER 2007

Important Changes To Ohio And Florida Trust Laws

Jones Day
Jones Day
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Ohio and Florida have made significant changes to their respective trust laws by enacting the Ohio Trust Code ("OTC") and Florida Trust Code ("FTC").

United StatesFinance and Banking
Milford Hatcher
Milford Hatcher
Ellen Halfon
Ellen Halfon
Kenneth Hochman
Kenneth Hochman
Michael Horvitz
Michael Horvitz
J. Korpics
J. Korpics
Edward Manigault
Edward Manigault
Ralph Morrison
Ralph Morrison
Lisa Roberts-Mamone
Lisa Roberts-Mamone
Joseph Verciglio
Joseph Verciglio
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Ohio and Florida have made significant changes to their respective trust laws by enacting the Ohio Trust Code ("OTC") and Florida Trust Code ("FTC"). Importantly, both statutes include new concepts, obligations, and rights that may affect you in your capacity as a trustee, a beneficiary, or both. And unlike most laws, the OTC and FTC generally apply retroactively—meaning most of the new provisions apply to Ohio trusts and Florida trusts, respectively, regardless of when the trusts originally were formed.

The enormous breadth and scope of the new laws preclude a comprehensive overview of their provisions. Nonetheless, this Commentary summarizes some key considerations that may be of particular interest to our readers.

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