Ohio Enacts Domestic Asset Protection Trust Statute

Ohio now has a Domestic Asset Protection Trust statute.  A new section 5816 of the Ohio Revised Code (the Ohio Legacy Trust Act) creates what is commonly known as a Domestic Asset Protection Trust.  The new statute was signed into law by Governor Kasich on December 20, 2012 and will become effective in March of 2013.  The Ohio Legacy Trust Act is modeled after statutes in Delaware and Nevada and several other states that have similar statutes.

The Ohio Legacy Trust Act is part of Ohio House Bill 479  – commonly known as the Ohio Asset Management Modernization Act.  This new law not only creates legacy trusts in Ohio, but has other provisions relating to asset protection.

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