The Ohio House of Representatives today passed legislation that makes incremental updates to various provisions of Ohio’s probate and estate statutes. Developed in close consultation with the Ohio State Bar Association, the bill contains updates on twelve subjects in state law aimed at ensuring that wealth and property can be transferred from generation to generation efficiently and expediently.
Probate and estate laws exist to ensure the orderly transfer of property from an existing owner, either during the owner’s life or after the owner’s death, to beneficiaries who are chosen by the owner or established by law. The practices and formalities of accomplishing this are always a work in progress, and HB 432 addresses new developments in the way these transfers are carried out.
“As new and better ways are developed to make these transfers, the probate and estate laws must be fine-tuned to keep pace with these practices,” said Rep. Bob Cupp (R-Lima), who sponsored the bill with Rep. Jeff Rezabek (R-Clayton).
Generally, the bill seeks to revise the law governing decedent's estates by making changes in the Ohio Trust Code, the Probate Law, the Uniform Principal and Income Act, the Transfers to Minors Act, and the Uniform Simultaneous Death Act.
“House Bill 432 would bring clarity, efficiency, and needed updates to provisions of Ohio’s probate code relating to estates, trusts, powers of appointment, and transfers to minors,” said Rep. Rezabek.
The bill now heads to the Ohio Senate for further consideration.