Okla. Stat. tit. 60, § 60-1604.10
This is the official text of Okla. Stat. tit. 60, § 60-1604.10, part of Oklahoma’s Stat. tit. 60, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 60,." Browse the sections below, each linked to its official government source.
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Modification or termination of noncharitable
Official statutory text
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 Page 307
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.
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 Page 307
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.
Status: in_force · Read it on the official government site
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