Oklahoma § 60-1601.3 - Definitions

§ 60-1601.3. Definitions

As used in this act:

1. "Action", with respect to an act of a trustee, includes a

failure to act;

2. "Ascertainable standard" means a standard relating to an

individual's health, education, support, or maintenance within the

meaning of Section 2041(b)(1)(A) or 2514(c)(1) of the Internal

Revenue Code of 1986, as in effect on the effective date of this

act, or as later amended;

3. "Beneficiary" means a person who:

a.

has a present or future beneficial interest in a

trust, vested or contingent, or

b.

in a capacity other than that of trustee, holds a

power of appointment over trust property;

4. "Charitable trust" means a trust, or portion of a trust,

created for a charitable purpose described in subsection A of

Section 24 of this act;

5. "Environmental law" means a federal, state, or local law,

rule, regulation, or ordinance relating to the protection of the

environment;

6. "Guardian of the property" means a person appointed by the

court to administer the estate of a minor or adult individual;

7. "Guardian of the person" means a person appointed by the

court to make decisions regarding the support, care, education,

health, and welfare of a minor or adult individual. The term does

not include a guardian ad litem;

8. "Interests of the beneficiaries" means the beneficial

interests provided in the terms of the trust;

9. "Jurisdiction", with respect to a geographic area, includes

a state or country;

10. "Person" means an individual, corporation, business trust,

estate, trust, partnership, limited liability company, association,

joint venture, government, governmental subdivision, agency, or

instrumentality, public corporation, or any other legal or

commercial entity;

11. "Power of withdrawal" means a presently exercisable general

power of appointment other than a power:

a.

exercisable by a trustee and limited by an

ascertainable standard, or

b.

exercisable by another person only upon consent of the

trustee or a person holding an adverse interest;

12. "Property" means anything that may be the subject of

ownership, whether real or personal, legal or equitable, or any

interest therein;

13. "Qualified beneficiary" means a beneficiary who, on the

date the beneficiary's qualification is determined:

Oklahoma Statutes - Title 60. Property

a.

is a distributee or permissible distributee of a

present interest in the trust income or principal, or

has a vested remainder in the trust,

b.

is a charitable organization expressly entitled to

receive benefits under the terms of a charitable

trust, or

c.

is the Attorney General of this state with respect to

a charitable trust having its principal place of

administration in this state;

14. "Revocable", as applied to a trust, means revocable by the

settlor without the consent of the trustee or a person holding an

adverse interest;

15. "Settlor" means a person, including a testator, who

creates, or contributes property to, a trust. If more than one

person creates or contributes property to a trust, each person is a

settlor of the portion of the trust property attributable to that

person's contribution except to the extent another person has the

power to revoke or withdraw that portion;

16. "Spendthrift provision" means a term of a trust which

restrains both voluntary and involuntary transfer of a beneficiary's

interest;

17. "State" means a state of the United States, the District of

Columbia, Puerto Rico, the United States Virgin Islands, or any

territory or insular possession subject to the jurisdiction of the

United States. The term includes an Indian tribe or band recognized

by federal law or formally acknowledged by a state;

18. "Terms of a trust" means:

a.

except as otherwise provided in subparagraph b of this

paragraph, the manifestation of the settlor's intent

regarding a trust's provisions as:

(1) expressed in the trust instrument, or

(2) established by other evidence that would be

admissible in a judicial proceeding, or

b.

the trust's provisions, as established, determined, or

amended by:

(1) a trustee or other person in accordance with

applicable law,

(2) a court order, or

(3) a nonjudicial settlement agreement under Section

1402 of Title 60 of the Oklahoma Statutes;

19. "Trust instrument" means an instrument executed by the

settlor that contains terms of the trust, including any amendments

thereto; and

20. "Trustee" includes an original, additional, and successor

trustee, and a co-trustee.

Added by Laws 2025, c. 254, § 3, eff. Nov. 1, 2025.

Oklahoma Statutes - Title 60. Property