Terms Used In Ohio Code > Chapter 5816 - Ohio Legacy Trust Act

• Advisor: means a person to whom both of the following apply:

  (a) The person satisfies the eligibility criteria specified in division (A) of section 5816. See Ohio Code 5816.02

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
• Asset: means property of a transferor but does not include any of the following:

  (1) Property to the extent it is encumbered by a valid lien;

  (2) Property to the extent it is exempt at the time of a qualified disposition under any applicable nonbankruptcy law, including, but not limited to, section 2329. See Ohio Code 5816.02

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• Child: includes child by adoption. See Ohio Code 1.59
• Claim: means a right to payment, whether or not the right is reduced to judgment or is liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured. See Ohio Code 5816.02
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Creditor: means a person who has a claim against a transferor and any transferee or assignee of, or successor to, that claim. See Ohio Code 5816.02
• Debt: means a liability on a claim. See Ohio Code 5816.02
• Devise: To gift property by will.
• Disposition: includes the exercise of a general power so as to cause a transfer of property to a trustee or trustees but does not include any of the following:

  (1) The release or relinquishment of an interest in property that, until the release or relinquishment, was the subject of a qualified disposition;

  (2) The exercise of a limited power so as to cause a transfer of property to a trustee or trustees;

  (3) A disclaimer of an interest in a trust, bequest, devise, or inheritance. See Ohio Code 5816.02

• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• former spouse: means only the person to whom a transferor was married on or before a qualified disposition is made. See Ohio Code 5816.02
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Internal Revenue Code: means the "Internal Revenue Code of 1986" 100 Stat. See Ohio Code 5816.02
• 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.
• Legacy: A gift of property made by will.
• Legacy trust: means a trust evidenced by a written trust instrument to which all of the following apply:

  (a) The trust has, names, or appoints at least one qualified trustee for or in connection with the property that is the subject of a qualified disposition. See Ohio Code 5816.02

• Lien: A claim against real or personal property in satisfaction of a debt.
• Nonlegacy trust: means any trust other than a legacy trust. See Ohio Code 5816.02
• Nonqualified trustee: means any trustee other than a qualified trustee. See Ohio Code 5816.02
• Oath: A promise to tell the truth.
• Oath: includes affirmation, and "swear" includes affirm. See Ohio Code 1.59
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
• Personal property: All property that is not real property.
• Property: means real and personal property. See Ohio Code 1.59
• Qualified affidavit: means an affidavit that meets the requirements of section 5816. See Ohio Code 5816.02
• Qualified disposition: means a disposition by or from a transferor to any trustee of a trust that is, was, or becomes a legacy trust. See Ohio Code 5816.02
• Qualified trustee: means a person who is not a transferor and to whom both of the following apply:

  (1)(a) The person, if a natural person, is a resident of this state. See Ohio Code 5816.02

• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Rule: includes regulation. See Ohio Code 1.59
• state: means the state of Ohio. See Ohio Code 1.59
• Statute: A law passed by a legislature.
• Transferor: means a person who directly or indirectly makes a disposition. See Ohio Code 5816.02
• Trustee: A person or institution holding and administering property in trust.
• United States: includes all the states. See Ohio Code 1.59
• Venue: The geographical location in which a case is tried.
• Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.