Columbus — Today the Ohio House of Representatives passed Senate Bill 106, bipartisan legislation jointly sponsored by State Senator Eric H. Kearney (D-Cincinnati) and Senator Steve Buehrer (R- Delta). The bill clarifies law regarding trusts in divorce proceedings and closes a loophole under which estate settlements can be delayed for years.
“This legislation will go a long way toward modernizing Ohio’s system of estate trusts and prevent unnecessary delays in settlement currently affecting the system,” said Senator Kearney. SB 106 has passed both the House and Senate and will now be referred to a conference committee before final approval by the Governor.
Supported by the Ohio State Bar Association, this legislation will do the following to improve Ohio’s antiquated trust laws.
- Provide that the termination of a marriage revokes any trust provision that confers a beneficial interest on the former spouse.
- Excludes from the application of the savings statute certain specified estate and trust proceedings that have limitation periods.
- Increase from $10,000 or less to $25,000 or less the amount of an estate of a ward that the court may terminate upon application by the guardian, for which the court may distribute the estate assets without a guardianship, and for which the court may authorize the settlement of claims of minors or adult incompetents without the appointment of a guardian.
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