Oklahoma § 60-1604.10 - Modification or termination of noncharitable

§ 60-1604.10. Modification or termination of noncharitable

irrevocable trust by consent.

A. If, upon petition, the court finds that the settlor and all

beneficiaries consent to the modification or termination of a

noncharitable irrevocable trust, the court shall approve the

modification or termination even if the modification or termination

is inconsistent with a material purpose of the trust. A settlor's

power to consent to a trust's modification or termination may be

exercised by an agent under a power of attorney only to the extent

expressly authorized by the power of attorney or the terms of the

trust; by the settlor's guardian of the property with the approval

of the court supervising the guardianship if an agent is not so

authorized; or by the settlor's guardian of the person with the

approval of the court supervising the guardianship if an agent is

not so authorized and a guardian of the property has not been

appointed. This subsection does not apply to irrevocable trusts

created before or to revocable trusts that become irrevocable before

the effective date of this act.

B. A noncharitable irrevocable trust may be terminated upon

consent of all of the beneficiaries if the court concludes that

continuance of the trust is not necessary to achieve any material

purpose of the trust. A noncharitable irrevocable trust may be

modified upon consent of all of the beneficiaries if the court

concludes that modification is not inconsistent with a material

purpose of the trust.

Oklahoma Statutes - Title 60. Property

C. A spendthrift provision in the terms of the trust is not

presumed to constitute a material purpose of the trust.

D. Upon termination of a trust under subsection A or B of this

section, the trustee shall distribute the trust property as agreed

by the beneficiaries.

E. If not all of the beneficiaries consent to a proposed

modification or termination of the trust under subsection A or B of

this section, the modification or termination may be approved by the

court if the court is satisfied that:

1. If all of the beneficiaries had consented, the trust could

have been modified or terminated under this section; and

2. The interests of a beneficiary who does not consent will be

adequately protected.

Added by Laws 2025, c. 254, § 29, eff. Nov. 1, 2025.