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. 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.
‹ Prev All Oklahoma sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.