Ohio S.B. 117 signed by Governor Kasich will take effect in March 2012. One of the more interesting changes made by this bill is in regards to trustee duties with respect to life insurance as a trust asset.
Notwithstanding the provisions of the Ohio Uniform Prudent Investor Act, it does not hold the trustee, attorney or any person consulted with regard to the creation of the trust liable for any loss arising from the absence of certain specified duties regarding acquiring, retaining or owning a life insurance policy as a trust asset.
It applies to trusts established before, on or after the effective date and to life insurance policies acquired before, on or after the effective date.
