Oklahoma § 60-1205 - Excluded from application

§ 60-1205. Excluded from application

A. In this section, "power of appointment" means a power that

enables a person acting in a nonfiduciary capacity to designate a

Oklahoma Statutes - Title 60. Property

recipient of an ownership interest in or another power of

appointment over trust property.

B. This act does not apply to a:

1. Power of appointment;

2. Power to appoint or remove a trustee or trust director;

3. Power of a settlor over a trust to the extent the settlor

has a power to revoke the trust;

4. Power of a beneficiary over a trust to the extent the

exercise or nonexercise of the power affects the beneficial interest

of:

a.

the beneficiary, or

b.

another beneficiary represented by the beneficiary

with respect to the exercise or nonexercise of the

power; or

5. Power over a trust, if:

a.

the terms of the trust provide that the power is held

in a nonfiduciary capacity, and

b.

the power must be held in a nonfiduciary capacity to

achieve the settlor's tax objectives under the United

States Internal Revenue Code of 1986, as amended, and

regulations issued thereunder, as amended.

C. Unless the terms of a trust provide otherwise, a power

granted to a person to designate a recipient of an ownership

interest in, or power of appointment over trust property which is

exercisable while the person is not serving as a trustee is a power

of appointment and not a power of direction.

Added by Laws 2024, c. 369, § 6, eff. Nov. 1, 2024.