Trust Administration Begins at Trust Creation
Ohio Revised Code section 5808.01 states that, upon acceptance of a trusteeship, the Trustee shall administer the Trust in good faith, in accordance with its terms and purposes and the interests of the Beneficiaries, and in accordance with Chapters 5801 to 5811 of the Revised Code.
A Trustee is implicity required as part of Trust creation. As such, where a Trust has been created, regardless of the corpus, if any, the following will apply:
a. A Trustee has accepted trusteeship; and Pursuant to Ohio Rev. Code sec. 5807.01(A), a person designated as Trustee accepts the Trusteeship by substantially complying with a method of acceptance provided in the terms of the Trust or, if the terms of the Trust do not provide a method, or the method provided in the terms is not expressly made exclusive, by: (i) Accepting delivery of the Trust property; (ii) Exercising powers or performing duties as Trustee; or (iii) Otherwise indicating acceptance of the Trusteeship.
b. The Trustee has duties to perform; and This is a requirement of Trust creation, pursuant to Ohio Rev. Code sec. 5804.01(4).
c. The Trustee shall administer the Trust: (i) In good faith (which, pursuant to Ohio Rev. Code sec. 5815.04, includes an act when it is in fact done honestly(; (ii) In accordance with the terms and purposes of the Trust; (iii) In accordance with the interests of the Beneficiaries; and 9iv) In accordance with Ohio Rev.Code Chapters 5801 to 5811.