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 key terms related to trusts, outlines the duties and powers of trustees, and clarifies the rights and interests of beneficiaries. It emphasizes that the terms of a trust will prevail over the provisions of the act, with certain exceptions, and that the common law of trusts and principles of equity will supplement the act unless modified by it or other statutes. The legislation includes guidelines for the administration of trusts, such as the appointment and removal of trustees, requirements for creating a trust, and procedures for modifying or terminating trusts.

Additionally, the bill introduces several new sections to the Oklahoma Statutes, including provisions for the responsibilities and powers of trustees, the jurisdiction of courts over trusts, and the treatment of revocable trusts. It allows courts to modify or terminate trusts under specific circumstances and establishes that trustees must act in the best interests of beneficiaries, maintaining transparency and accountability in trust administration. The bill also clarifies the use of electronic records and signatures in trust-related transactions and ensures that the new regulations apply to all trusts created before, on, or after the effective date of the act, which is set for November 1, 2025.