HB 3449 Summary

• Amends 60 O.S. 2021, Section 175.23 to grant district courts authority to modify or terminate trusts created on or after November 1, 2022, upon application of a trustee or qualified beneficiary.

• Courts may modify or terminate a trust if the trust property value is insufficient to justify administration costs, and must distribute remaining property consistent with the trust's purposes.

• Courts may modify irrevocable trusts if the trust purposes have been fulfilled, become illegal or impracticable, or a material purpose no longer exists due to unanticipated circumstances.

• When modifying or terminating trusts, courts may amend trust terms, terminate in whole or part, direct trustees to perform prohibited acts, or prohibit permitted acts, considering the trust terms, purposes, creation circumstances, and relevant evidence.

• Effective date is November 1, 2022; conservation and preservation easements are excluded from modification or termination provisions.