OK HB1850

Creates the Oklahoma Uniform Trust Code, establishing comprehensive rules for trust creation, administration, modification, and termination, codified in Title 60 of the Oklahoma Statutes

Defines key terms including "beneficiary," "qualified beneficiary," "settlor," "trustee," and "spendthrift provision," and establishes when trusts are revocable versus irrevocable

Sets trustee duties including loyalty to beneficiaries, impartial treatment of multiple beneficiaries, prudent administration, recordkeeping, and reporting requirements (annual reports to qualified beneficiaries, 60-day notice upon accepting trusteeship)

Allows trustees to terminate trusts valued under $50,000 if administration costs exceed value, permits courts to modify trusts for unanticipated circumstances or tax objectives, and enables trust combination or division

Effective November 1, 2025, applying to all trusts created before, on, or after that date while preserving existing Oklahoma Trust Act provisions unless inconsistent with the new code