Oklahoma § 58-3034 - Estates, trusts, and other beneficial interests

§ 58-3034. Estates, trusts, and other beneficial interests

A. In this section, "estate, trust or other beneficial

interest" means a trust, probate estate, guardianship,

conservatorship, escrow or custodianship or a fund from which the

principal is, may become, or claims to be, entitled to a share or

payment.

B. Unless the power of attorney otherwise provides, language in

a power of attorney granting general authority with respect to

estates, trusts and other beneficial interests authorizes the agent

to:

Oklahoma Statutes - Title 58. Probate Procedure

1. Accept, receive, receipt for, sell, assign, pledge or

exchange a share in or payment from an estate, trust or other

beneficial interest;

2. Demand or obtain money or another thing of value to which

the principal is, may become, or claims to be, entitled by reason of

an estate, trust or other beneficial interest, by litigation or

otherwise;

3. Exercise for the benefit of the principal a presently

exercisable general power of appointment held by the principal;

4. Initiate, participate in or submit to alternative dispute

resolution, settle, oppose, or propose or accept a compromise with

respect to litigation to ascertain the meaning, validity or effect

of a deed, will, declaration of trust or other instrument or

transaction affecting the interest of the principal;

5. Initiate, participate in or submit to alternative dispute

resolution, settle, oppose, or propose or accept a compromise with

respect to litigation to remove, substitute or surcharge a

fiduciary;

6. Conserve, invest, disburse or use anything received for an

authorized purpose;

7. Transfer an interest of the principal in real property,

stocks and bonds, accounts with financial institutions or securities

intermediaries, insurance, annuities and other property to the

trustee of a revocable trust created by the principal as settlor;

and

8. Reject, renounce, disclaim, release or consent to a

reduction in or modification of a share in or payment from an

estate, trust or other beneficial interest.

Added by Laws 2021, c. 332, § 34, eff. Nov. 1, 2021.