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 take precedence over the provisions of the act, except in specific circumstances, and incorporates common law and principles of equity. The legislation details the requirements for creating, modifying, and terminating trusts, as well as the jurisdiction and venue for legal proceedings related to trusts. It also introduces guidelines for providing notice to beneficiaries and other interested parties, including the use of electronic communication.

The bill further enhances the fiduciary duties of trustees by mandating that they act solely in the interests of beneficiaries and maintain adequate records. It establishes a process for trustees to propose distributions upon the termination of a trust, allowing beneficiaries to object within 30 days. Additionally, it clarifies that a release from liability for breach of trust is invalid if induced by improper conduct or if the beneficiary was unaware of their rights. The act applies to all trusts created before, on, or after its effective date of November 1, 2025, and includes provisions for severability in case any part of the act is held invalid. Overall, the Oklahoma Uniform Trust Code aims to ensure equitable and efficient trust management while safeguarding the interests of all parties involved.