❌ HB446
Modify trust and probate laws
Summary
HB446 modifies trust and probate laws in Ohio by amending various sections of the Revised Code and enacting new sections related to fraudulent transfers, powers of attorney, and the duties of trustees and protectors. It establishes guidelines for the administration of trusts, including the rights and responsibilities of trustees and protectors, and sets forth procedures for the transfer of trust property and the handling of claims against trustees. The bill also repeals certain existing sections of the Revised Code.
Rationale
The bill introduces regulations that may increase government oversight in private property and trust management, which conflicts with LP principles of minimal government intervention and property rights. However, it does provide some clarity and structure that could be seen as beneficial in protecting individual rights in trust management, aligning partially with LPO principles.
Risks and Concerns
- Increased government control over private property and trusts
- Potential for overregulation of fiduciary duties
- Confusion among individuals regarding their rights under new laws