Trust; Oklahoma Trust Reform Act of 2024; directed trust; qualified dispositions; duration of trust; effective date.

This bill, known as the Oklahoma Trust Reform Act of 2024, establishes new rules for "directed trusts" in Oklahoma, allowing a separate individual or entity called a trust director to guide the trustee on investment and distribution decisions. The law defines key roles such as the settlor, trustee, and trust director, and clarifies that a trust director can direct matters like asset management without serving as a fiduciary themselves. It also sets boundaries for when these rules apply, specifying that they cover trusts administered in Oklahoma and do not apply to certain powers like revoking a trust or appointing trustees. Additionally, the act addresses how long trusts can last by removing the rule against perpetual trusts, outlines liability limits for directors, and provides a framework for resolving disputes without court intervention.