Ohio Code 5804.03 – Validity of nontestamentary trusts
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A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed or the law of the jurisdiction in which, at the time of creation, any of the following applies:
Terms Used In Ohio Code 5804.03
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Property: means real and personal property. See Ohio Code 1.59
- Trustee: A person or institution holding and administering property in trust.
(A) The settlor was domiciled in, had a place of abode in, or was a national of the jurisdiction.
(B) A trustee was domiciled or had a place of business in the jurisdiction.
(C) Any trust property was located in the jurisdiction.