(A)(1) Upon the filing of a motion by a trustee with the court that has jurisdiction over the trust, upon the provision of reasonable notice to all beneficiaries who are known and in being and who have vested or contingent interests in the trust, and after holding a hearing, the court may terminate the trust, in whole or in part, if it determines that all of the following apply:
(a) It is no longer economically feasible to continue the trust.
(b) The termination of the trust is for the benefit of the beneficiaries.
(c) The termination of the trust is equitable and practical.
(d) The current value of the trust is less than one hundred thousand dollars.
(2) The existence of a spendthrift or similar provision in a trust instrument or will does not preclude the termination of a trust pursuant to this section.
(B) If property is to be distributed from an estate being probated to a trust and the termination of the trust pursuant to this section does not clearly defeat the intent of the testator, the probate court has jurisdiction to order the outright distribution of the property or to make the property custodial property under sections 5814.01 to 5814.10 of the Revised Code. A probate court may so order whether the motion for the order is made by an inter vivos trustee named in the will of the decedent or by a testamentary trustee.
(C) Upon the termination of a trust pursuant to this section, the probate court shall order the distribution of the trust estate in accordance with any provision specified in the trust instrument for the premature termination of the trust. If there is no provision of that nature in the trust instrument, the probate court shall order the distribution of the trust estate among the beneficiaries of the trust in accordance with their respective beneficial interests and in a manner that the court determines to be equitable. For purposes of ordering the distribution of the trust estate among the beneficiaries of the trust under this division, the court shall consider all of the following:
(1) The existence of any agreement among the beneficiaries with respect to their beneficial interests;
(2) The actuarial values of the separate beneficial interests of the beneficiaries;
(3) Any expression of preference of the beneficiaries that is contained in the trust instrument.
Section 2109.61 | Bond - parties to suit.
Section 2109.68 | Allocation of receipts and expenditures between principal and income.
3 pages
IN PROBATE COURT OF DELAWARE COUNTY, OHIO In the Matter of the Estate of Connie S. Circelli Case No: 1710-1508PES Z Hd C1 UWE Sl W g iM MOTION TO TERMINATE REQUIREMENT OF TESTIMENTARY TRUST AND ‘$9 ORDER OUTRIGHT OR CUSTODIAL DISTRIBUTION OF TRUST PROPERTY TO BENEFICIARIES Now comes Executor Ann Hampton and represents to this Court that Item 4 of the decedent’s Will devised and bequeathed the residue of her probate estate to testamentary trusts to be set up for all four (4) of her gran…
Delaware County, OH
Mar 13, 2018
(PES) ESTATE
1 page
PORTAGE COUN PROBATE COURT FILED IN THE COURT OF COMMON PLEAS PROBATE DIVISION MAY 13 202 PORTAGE COUNTY, OHIO 2 IN THE MATTER OF: CASE NO. 202 PATOOGIA y ESTATE OF JUDGE PATRI LUCILLE M. MAIMONE ORDER Upon Motion of the Executrix, and for good cause shown and pursuant to the provisions of Ohio Revised Code Section 2109.62 (B), it is hereby the Order of this Court that the share of the proceeds of the Estate of Lucille M. Maimone bequeathed to Nancy Maimone, shall be deposited in the Nancy L…
Dec 06, 2021
CLOSED
Portage County, OH
May 13, 2022
ESTATE
3 pages
IN PROBATE COURT OF DELAWARE COUNTY, OHIO In the Matter of the Estate of Connie S. Circelli Case No: 1710-1508PES Z Hd C1 UWE Sl W g iM MOTION TO TERMINATE REQUIREMENT OF TESTIMENTARY TRUST AND ORDER OUTRIGHT OR CUSTODIAL DISTRIBUTION OF TRUST PROPERTY TO BENEFICIARIES Now comes Executor Ann Hampton and represents to this Court that Item 4 of the decedent’s Will devised and bequeathed the residue of her probate estate to testamentary trusts to be set up for all four (4) of her grandchildr…
Delaware County, OH
Mar 13, 2018
(PES) ESTATE
3 pages
IN PROBATE COURT OF DELAWARE COUNTY, OHIO In the Matter of the Estate of Connie S. Circelli Case No: 1710-1508PES Z Hd C1 UWE Sl W LI iM MOTION TO TERMINATE REQUIREMENT OF TESTIMENTARY TRUST AND ‘$9 ORDER OUTRIGHT OR CUSTODIAL DISTRIBUTION OF TRUST PROPERTY TO BENEFICIARIES Now comes Executor Ann Hampton and represents to this Court that Item 4 of the decedent’s Will devised and bequeathed the residue of her probate estate to testamentary trusts to be set up for all four (4) of her gra…
Delaware County, OH
Mar 13, 2018
(PES) ESTATE
3 pages
IN PROBATE COURT OF DELAWARE COUNTY, OHIO In the Matter of the Estate of Connie S. Circelli Case No: 1710-1508PES Z Hd C1 UWE Sl W g iM MOTION TO TERMINATE REQUIREMENT OF TESTIMENTARY TRUST AND ORDER OUTRIGHT OR CUSTODIAL DISTRIBUTION OF TRUST PROPERTY TO BENEFICIARIES Now comes Executor Ann Hampton and represents to this Court that Item 4 of the decedent’s Will devised and bequeathed the residue of her probate estate to testamentary trusts to be set up for all four (4) of her grandchildr…
Delaware County, OH
Mar 13, 2018
(PES) ESTATE
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