The bill amends various sections of the Oklahoma Statutes concerning trusts, focusing on jurisdiction, venue, necessary parties in trust-related actions, and trustee powers. It establishes that district courts have original jurisdiction to interpret trust instruments and specifies that necessary parties in trust actions now include qualified beneficiaries and current trustees. The bill also clarifies that these actions are proceedings in rem and applies the Oklahoma Uniform Trust Code's provisions on representation. Additionally, it modifies trustee requirements for delivering trust property and outlines procedures for nonjudicial settlements, allowing trustees and qualified beneficiaries to resolve trust matters without court intervention, provided such agreements do not violate the trust's material purpose.

Moreover, the bill introduces provisions regarding the settlement of trustee accounts, stating that if a trustee seeks discharge and provides proper notice, claims against them will be barred if no objections are raised within a specified timeframe. It details the necessary information for the notice, including the trustee's contact details and the objection process. The bill also clarifies its applicability to trusts created before, on, or after its effective date and specifies that certain rights and duties related to beneficiaries will not apply to actions prior to the effective date of the new definitions. The act is set to take effect on November 1, 2026, and includes specific language changes, such as replacing "enacted" with "done."