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Sponsors Tell Committee HB 446 Modernizes Ohio Trust and Probate Law, Recognizes Trust Protectors
Summary
Representatives Stewart and Matthews said HB 446 updates Ohio trust, probate and fiduciary statutes, formally recognizes trust protectors as fiduciaries, clarifies fiduciary duties and liability, and sets timelines for creditor claims and fraudulent-transfer challenges.
Representative Stewart and Representative Adam Matthews presented sponsor testimony for House Bill 446, which they described as a package of reforms to modernize Ohio trust, probate and fiduciary law.
Sponsors said the bill recognizes the role of a 'trust protector' and the directed-trust structure that separates advisory and directional roles from trustees. They said protectors would be fiduciaries unless a trust instrument stated otherwise, and the bill would establish liability for breach of fiduciary duty or willful misconduct.
The sponsors also detailed certain timeline clarifications for estate claims: the bill would set a timeline for bringing creditor claims at the earlier of three months after the date of appointment of an administrator or six months under Ohio's general-claims statute, and would set timelines for challenging alleged fraudulent transfers — generally within six months of the debtor's death, according to testimony.
Committee members offered no questions during sponsor testimony and the chair concluded the hearing for HB 446.
