Oklahoma § 60-175.706

§ 60-175.706.

Notice required.

Oklahoma Statutes - Title 60. Property

NOTICE REQUIRED

A. An authorized trustee may exercise a power of distribution

under Section 3 or 4 of this act without the consent of the settlor

or beneficiaries of the first trust and without court approval if

the trustee provides to all of the current beneficiaries and

presumptive remainder beneficiaries written notice of the trustee's

decision to exercise the power.

B. For the purpose of determining who is a current beneficiary

or presumptive remainder beneficiary entitled to the notice, a

beneficiary is determined as of the date the notice is sent. A

beneficiary includes a person entitled to receive property under the

terms of the first trust.

C. Except as provided by paragraph 5 of subsection E of this

section, in addition to the notice required under subsection A of

this section, the authorized trustee shall give written notice of

the trustee's decision to the attorney general if:

1. A charity is entitled to notice;

2. A charity entitled to notice is no longer in existence;

3. The trustee has the authority to distribute trust assets to

one or more charities that are not named in the trust instrument; or

4. The trustee has the authority to make distributions for a

charitable purpose described in the trust instrument, but no charity

is named as a beneficiary for that purpose.

D. If the beneficiary has a court-appointed guardian or

conservator, the notice required to be given by this section shall

be given to that guardian or conservator. If the beneficiary is a

minor for whom no guardian or conservator has been appointed, the

notice required to be given by this section shall be given to a

parent of the minor. For purposes of paragraph 3 of subsection E of

this section, a beneficiary is considered to have waived the

requirement that notice be given under this section if a person to

whom notice is required to be given with respect to that beneficiary

under this subsection waives the requirement that notice be given

under this section.

E. The authorized trustee is not required to provide notice:

1. To a beneficiary who is known to the trustee and cannot be

located by the trustee after reasonable diligence;

2. To a beneficiary who is not known to the trustee;

3. To a beneficiary who waives the requirement of the notice

under this section;

4. To a beneficiary who is a descendant of a beneficiary to

whom the trustee has given notice if the beneficiary and the

beneficiary's ancestor have similar interests in the trust and no

apparent conflict of interest exists between them; or

5. To the attorney general under subsection C of this section

if the attorney general waives that requirement in writing.

Oklahoma Statutes - Title 60. Property

F.

shall:

1.

The notice required under subsection A of this section

Include a statement that:

a.

the authorized trustee intends to exercise the power

of distribution,

b.

the beneficiary has the right to object to the

exercise of the power, and

c.

the beneficiary may petition a court to approve,

modify or deny the exercise of the trustee's power to

make a distribution under this act;

2. Describe the manner in which the trustee intends to exercise

the power;

3. Specify the date the trustee proposes to distribute the

first trust to the second trust;

4. Include the name and mailing address of the trustee;

5. Include copies of the agreements of the first trust and the

proposed second trust;

6. Be given not later than the ninetieth day before the

proposed date of distribution to the second trust; and

7. Be sent by registered or certified mail, return receipt

requested, or delivered in person, unless the notice is waived in

writing by the person to whom notice is required to be given.

Added by Laws 2021, c. 268, § 6, eff. Nov. 1, 2021.