HB1850

Oklahoma Uniform Trust Act establishes rules for trusts, including duties of trustees, powers of trustees, and procedures for modifying or.

The Oklahoma Uniform Trust Act outlines the duties and powers of trustees, the administration of trusts, and procedures for modifying or terminating trusts. Trustees must act in good faith, in accordance with the terms and purposes of the trust, and the interests of the beneficiaries. Trustees have powers to manage trust property, including collecting and selling property, investing, and making distributions. The act also details procedures for modifying or terminating trusts, including when a court may intervene and the conditions under which a trust may be modified or terminated.