State Representative Christina M. Hagan (R-Alliance) and State Representative Lou Blessing (R-Cincinnati) have announced the passage of House Bill 479, legislation that enacts the Ohio Legacy Trust Act.

The Ohio Legacy Trust Act, also referred to as The Ohio Asset Management Modernization Act, is legislation designed to allow Ohio citizens, business owners and entrepreneurs to better protect their assets. Modeled after successful plans used in other states, H.B. 479 will modernize Ohio’s legal infrastructure in the areas of trust, asset protection, and business to the degree that Ohio will be a national leader in fiduciary services.

H.B. 479 implements the legal infrastructure necessary to permit Ohio financial institutions, professional service firms, and other businesses to effectively compete in the rapidly evolving trust and fiduciary services marketplace. In so doing, H.B. 479 is anticipated to create and retain thousands of jobs for Ohio and much needed revenue for the state of Ohio.

“The Ohio Trust Act is the first integrated legislative proposal of its kind for Ohio, and is the result of years of study by leading experts from Ohio in the field,” said Rep. Hagan. “In proposing this legislation, we wanted to ensure that Ohio could effectively compete in the newly developing fiduciary services marketplace. This is a continuation of our ongoing efforts to create a better business climate in the state of Ohio.”

“With House Bill 479, the hope is that Ohioans who are able to keep more of what they have worked hard to earn will be more likely to keep and invest it here in Ohio and in our financial institutions,” said Rep. Blessing. “The passage of this legislation is going to help put Ohio at the forefront of trust and asset protection, and I am very pleased that House Bill 479 passed in the House.”

House Bill 479 unanimously passed in the Ohio House and will now be sent to the Senate for further consideration.