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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
2nd Session of the 58th Legislature (2022)
ENGROSSED SENATE
BILL NO. 1340 By: Hall of the Senate
and
Kannady of the House
An Act relating to the Uniform Testamentary Additions
to Trusts Act; amending 84 O.S. 2021, Section 30 1,
which relates to devises or bequests by w ill to
trustee of trust established by written instrument;
creating exception to certain provisions; specifying
applicability of certain provisions; authorizing
devise of property by will to certain trusts;
prohibiting invalidation of devise due to certain
trust characteristics; requiring administration and
disposition of property by terms of trust to which
property was devised; requiring lapse of certain
devise upon revocation or termination of trust;
repealing 84 O.S. 2021, Section 302, which rela tes to
effect of act; and providing an effective date .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 84 O.S. 2021, Sect ion 301, is
amended to read as fo llows:
Section 301. A A. Unless otherwise provided by subsection B of
this section, a devise or bequest made by a will executed on or
after November 1, 1961, the validity of which is determinable by the
law of this state, may be made by a wil l to the trustee or trustees
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of a trust established or t o be established by the testator or by
the testator and some other person or persons or by some other
person or persons (including a funded or unfunded life insurance
trust, although the trustor has r eserved any or all rights of
ownership of the insurance contracts) if the trust is identified in
the testator's will and its terms are set forth in a written
instrument, other than a will, executed before or concurrently with
the execution of the testator 's will or in the valid last will of a
person who has predeceased the testator, regardless of the
existence, size, or charac ter of the corpus of the trust. The
devise or bequest shall not be invalid because the trust is
amendable or revocable, or both, or because the trust was amended
after the execution of the will or after the death of the testator.
Unless the testator's will provides otherwise, the property so
devised or bequeathed (a) shall not be deemed to be held under a
testamentary trust of the test ator but shall become a part of the
trust to which it is given and (b) shall be administered and
disposed of in accordance with the provisions of the instrument or
will setting forth the terms of the trust , including any amendments
thereto made before the death of the testator, regardless of whether
made before or after the execution of the testator's will, and, if
the testator's will so provides, including any amendments to the
trust made after the death of the testator. A revocation or
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termination of the trust before the death of the testator shall
cause the devise or bequest to lapse.
B. For a will of a testator who dies o n or after November 1,
2022:
1. A will may validly devise property to the trustee of a trust
established or to be established:
a. during the testator's lifetime by the testator, by the
testator and some other person, or by some other
person including a fu nded or unfunded life insurance
trust, although the trustor has reserved any or all
rights of ownership of the insurance contracts, or
b. at the testator's death by the testator 's devise to
the trustee, if the trust is identified in the
testator's will and its terms are set for th in a
written instrument, other than a will, executed
before, concurrently with, or aft er the execution of
the testator's will or in another individual 's will if
that other individual has predeceased the testator,
regardless of the existence, size, or ch aracter of the
corpus of the trust.
The devise shall not be invalid because the trust is amendable
or revocable, or becaus e the trust was amended after the execution
of the will or the testator's death.
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2. Unless the testator's will provides otherwise, property
devised to a trust described in this subsection is not held under a
testamentary trust of the testator but shall become a part of the
trust to which it is devi sed, and shall be administered and disposed
of in accordance with th e provisions of the governing instrument
setting forth the terms of the trust including any amendments
thereto made before or after the testator 's death.
3. Unless the testator's will provides otherwise, a revocation
or termination of the trust before the testator's death shall cause
the devise to lapse.
SECTION 2. REPEALER 84 O.S. 2021, Section 302, is hereby
repealed.
SECTION 3. This act shall bec ome effective November 1, 2022.
COMMITTEE REPORT BY: COMMITTEE ON JUDICIARY - CIVIL, dated
04/06/2022 - DO PASS.