HB 1850 Summary - Oklahoma Uniform Trust Code

• Creates the Oklahoma Uniform Trust Code, a comprehensive statutory framework governing express trusts, charitable and noncharitable, establishing rules for trust creation, validity, modification, and termination.

• Defines trustee duties including loyalty, impartiality, prudent administration, information disclosure to beneficiaries, and prohibits self-dealing except in limited circumstances; trustees may delegate duties and must maintain records and protect trust property.

• Establishes beneficiary and settlor rights including modification or termination of noncharitable irrevocable trusts by court order with all beneficiaries' consent, and modification of trusts based on unanticipated circumstances or uneconomic value.

• Provides creditor protections allowing settlors' creditors to reach revocable trusts during the settlor's lifetime and after death for estate expenses, funeral costs, and statutory allowances if the probate estate is insufficient.

• Effective November 1, 2025; applies to all trusts created before, on, or after the effective date and judicial proceedings commenced thereafter, unless application would substantially interfere with pending proceedings.