House Bill No. 1850, introduced by Schreiber, establishes the Oklahoma Uniform Trust Code, which aims to modernize and clarify the legal framework governing trusts in Oklahoma. The bill defines essential terms related to trusts, outlines the duties and powers of trustees, and clarifies the rights of beneficiaries. It emphasizes that the terms of a trust will take precedence over the provisions of the act, with certain exceptions, and that common law and principles of equity will supplement the act unless modified. The legislation includes guidelines for the creation, modification, and termination of trusts, as well as the responsibilities of trustees, including their duty of loyalty and impartiality when managing trusts with multiple beneficiaries.

The bill introduces several new sections to the Oklahoma Statutes, detailing the administration and modification of trusts. It allows courts to modify or terminate trusts under specific circumstances, such as unforeseen events that hinder the trust's purpose. Key provisions include requirements for trustees to act solely in the interests of beneficiaries, maintain transparency, and keep beneficiaries informed about trust administration. The bill also clarifies the conditions under which trustees can seek contributions from co-trustees for breaches of trust and establishes that the act applies to all trusts created before, on, or after its effective date of November 1, 2025. Overall, the Oklahoma Uniform Trust Code aims to enhance the rights and protections of beneficiaries while streamlining trust administration processes.