The bill amends the Oklahoma Uniform Trust Code to enhance the enforceability of forfeiture clauses in wills and trusts, allowing these provisions to be upheld unless a contesting party can show just cause and good faith. It clarifies that such clauses do not hinder beneficiaries from compelling fiduciaries to perform their duties or from seeking judicial interpretations of trusts. Additionally, the bill introduces new sections that outline the notice requirements and procedures for trustees when settling trust accounts without court involvement, aiming to streamline trust administration processes and clarify fiduciary responsibilities.

Further amendments expand the jurisdiction and venue for trust-related actions, broadening the definition of necessary parties to include qualified beneficiaries and current trustees. The bill also updates statutory references, modifies the timeframe for delivering trust property by former trustees, and introduces new definitions related to trust law, such as "revocable," "settlor," and "spendthrift provision." A certification of trust can now be provided to non-beneficiaries, ensuring essential trust information is shared without revealing dispositive terms. The legislation is set to take effect on November 1, 2026, and applies to all trusts created before, on, or after this date.