Okla. Stat. tit. 60, § 60-175.704
This is the official text of Okla. Stat. tit. 60, § 60-175.704, 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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Distribution to second trust - Trustee with limited
Official statutory text
discretion.
DISTRIBUTION TO SECOND TRUST: TRUSTEE WITH LIMITED DISCRETION
A. An authorized trustee who has limited discretion to
distribute the principal of a trust may distribute all or part of
the principal of that trust in favor of a trustee of a second trust
as provided by this section.
B. The current beneficiaries of the second trust shall be
substantially the same as the current beneficiaries of the first
trust, and the successor and presumptive remainder beneficiaries of
the second trust shall be substantially the same as the successor
and presumptive remainder beneficiaries of the first trust, as
determined in the reasonable discretion of the authorized trustee.
C. If the beneficiaries of the first trust are described as a
class of persons, the beneficiaries of the second trust shall
include substantially the same persons who become members of that
class after the distribution to the second trust, as determined in
the reasonable discretion of the authorized trustee.
D. If the first trust grants a power of appointment to a
beneficiary of the trust, the second trust shall grant the power of
appointment to the beneficiary in the second trust, and the class of
permissible appointees under that power shall be the same as the
class of permissible appointees under the power granted by the first
trust.
E. The exercise of a power of distribution under this section
shall be made by the authorized trustee in good faith, in accordance
with the terms and purposes of the trust, and in the interests of
the beneficiaries.
DISTRIBUTION TO SECOND TRUST: TRUSTEE WITH LIMITED DISCRETION
A. An authorized trustee who has limited discretion to
distribute the principal of a trust may distribute all or part of
the principal of that trust in favor of a trustee of a second trust
as provided by this section.
B. The current beneficiaries of the second trust shall be
substantially the same as the current beneficiaries of the first
trust, and the successor and presumptive remainder beneficiaries of
the second trust shall be substantially the same as the successor
and presumptive remainder beneficiaries of the first trust, as
determined in the reasonable discretion of the authorized trustee.
C. If the beneficiaries of the first trust are described as a
class of persons, the beneficiaries of the second trust shall
include substantially the same persons who become members of that
class after the distribution to the second trust, as determined in
the reasonable discretion of the authorized trustee.
D. If the first trust grants a power of appointment to a
beneficiary of the trust, the second trust shall grant the power of
appointment to the beneficiary in the second trust, and the class of
permissible appointees under that power shall be the same as the
class of permissible appointees under the power granted by the first
trust.
E. The exercise of a power of distribution under this section
shall be made by the authorized trustee in good faith, in accordance
with the terms and purposes of the trust, and in the interests of
the beneficiaries.
Status: in_force · Read it on the official government site
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