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Section 175.53 - Agreements, wills and trust relations to which statute applicable; Section 175.54 - Situs in jurisdiction where trustee not qualified to act - Powers of trustee; Section 175.55 - Investment of trust assets by bank, trust company or affiliate of bank or trust company
Oklahoma’s 2024 Trust Reform Act introduces directed trusts, asset protection tools, non-judicial settlements, and a task force, enhancing trust management flexibility, asset protection, and solidifying Oklahoma as a leading trust jurisdiction.
OKLAHOMA STATUTES. TITLE 60. PROPERTY §60175.1. Citation of Act. This act may be cited as the Oklahoma Trust Act. §60175.2. Purposes of trust. A trust in relation to real and personal property, or either of . them, may be created for any purpose or purposes for which a . contract may be made. Laws 1941, p. 250, § 2. §60175.3. Definitions of ...
While any adult (including the settlor or a beneficiary) may act as a trustee, only an entity having trust powers (or, certain limited circumstances, a charitable organization) can act as a trustee in Oklahoma.
The general rules for how your estate will be distributed if you die without a will or trust are described as follows: If you die leaving a surviving spouse and children, your spouse takes one-half of your estate, and your children split the remaining one-half into equal shares.
§60-175.24. Powers of trustees - Enumeration - Others not excluded - Bond of trustee.....56 §60-175.25. Alienation of interest of beneficiary - Rights and remedies of creditors - Spendthrift
Many of the trust income tax and accounting regulations are quite complex, and if you become trustee of a trust, you will probably find that an attorney or accountant familiar with the rules can provide valuable assistance in tax planning and in completing the necessary paperwork.
Key components of this legislative overhaul include the Oklahoma Uniform Directed Trust Act and the Oklahoma Qualified Disposition in Trust Act, poised to offer unprecedented control and protection in asset management.
Oklahoma Trust Act §60-175.1. Citation of act. §60-175.2. Purposes of trust. §60-175.3. Definitions of terms used. §60-175.4. Legal estate of person in possession and entitled to rents and profits.
With the new law, Oklahoma reforms and modernizes the parameters to establish Domestic Asset Protection Trusts (DAPTs). These trusts enable individuals to shield assets from most future...