Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB1340 Compare Versions

Version 1 (Old)

Version 2 (New)

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4		-	An Act
5		-	ENROLLED SENATE
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	2nd Session of the 58th Legislature (2022)
	34	+
	35	+	ENGROSSED SENATE
6	36		BILL NO. 1340 By: Hall of the Senate
7	37
8	38		and
9	39
10		-	~~West (Kevin)~~ of the House
	40	+	Kannady of the House
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15	45		An Act relating to the Uniform Testamentary Additions
16	46		to Trusts Act; amending 84 O.S. 2021, Section 30 1,
17	47		which relates to devises or bequests by w ill to
18	48		trustee of trust established by written instrument;
19	49		creating exception to certain provisions; specifying
20	50		applicability of certain provisions; authorizing
21	51		devise of property by will to certain trusts;
22	52		prohibiting invalidation of devise due to certain
23	53		trust characteristics; requiring administration and
24	54		disposition of property by terms of trust to which
25	55		property was devised; requiring lapse of certain
26	56		devise upon revocation or termination of trust;
27	57		repealing 84 O.S. 2021, Section 302, which rela tes to
28	58		effect of act; and providing an effective date .
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33		-	SUBJECT: Uniform Testamentary Additions to Trusts Act
34		-
35	63		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
36		-
37	64		SECTION 1. AMENDATORY 84 O.S. 2021, Sect ion 301, is
38	65		amended to read as fo llows:
39		-
40	66		Section 301. A A. Unless otherwise provided by subsection B of
41	67		this section, a devise or bequest made by a will executed on or
42	68		after November 1, 1961, the validity of which is determinable by the
43	69		law of this state, may be made by a wil l to the trustee or trustees
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44	97		of a trust established or t o be established by the testator or by
45	98		the testator and some other person or persons or by some other
46	99		person or persons (including a funded or unfunded life insurance
47		-
48		-	ENR. S. B. NO. 1340 Page 2
49	100		trust, although the trustor has r eserved any or all rights of
50	101		ownership of the insurance contracts) if the trust is identified in
51	102		the testator's will and its terms are set forth in a written
52	103		instrument, other than a will, executed before or concurrently with
53	104		the execution of the testator 's will or in the valid last will of a
54	105		person who has predeceased the testator, regardless of the
55	106		existence, size, or charac ter of the corpus of the trust. The
56	107		devise or bequest shall not be invalid because the trust is
57	108		amendable or revocable, or both, or because the trust was amended
58	109		after the execution of the will or after the death of the testator.
59	110		Unless the testator's will provides otherwise, the property so
60	111		devised or bequeathed (a) shall not be deemed to be held under a
61	112		testamentary trust of the test ator but shall become a part of the
62	113		trust to which it is given and (b) shall be administered and
63	114		disposed of in accordance with the provisions of the instrument or
64	115		will setting forth the terms of the trust , including any amendments
65	116		thereto made before the death of the testator, regardless of whether
66	117		made before or after the execution of the testator's will, and, if
67	118		the testator's will so provides, including any amendments to the
68	119		trust made after the death of the testator. A revocation or
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69	147		termination of the trust before the death of the testator shall
70	148		cause the devise or bequest to lapse.
71		-
72	149		B. For a will of a testator who dies o n or after November 1,
73	150		2022:
74		-
75	151		1. A will may validly devise property to the trustee of a trust
76	152		established or to be established:
77		-
78	153		a. during the testator's lifetime by the testator, by the
79	154		testator and some other person, or by some other
80	155		person including a fu nded or unfunded life insurance
81	156		trust, although the trustor has reserved any or all
82	157		rights of ownership of the insurance contracts, or
83		-
84	158		b. at the testator's death by the testator 's devise to
85	159		the trustee, if the trust is identified in the
86	160		testator's will and its terms are set for th in a
87	161		written instrument, other than a will, executed
88	162		before, concurrently with, or aft er the execution of
89	163		the testator's will or in another individual 's will if
90	164		that other individual has predeceased the testator,
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92		-	ENR. S. B. NO. 1340 Page 3
93	165		regardless of the existence, size, or ch aracter of the
94	166		corpus of the trust.
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96	167		The devise shall not be invalid because the trust is amendable
97	168		or revocable, or becaus e the trust was amended after the execution
98	169		of the will or the testator's death.
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100	197		2. Unless the testator's will provides otherwise, property
101	198		devised to a trust described in this subsection is not held under a
102	199		testamentary trust of the testator but shall become a part of the
103	200		trust to which it is devi sed, and shall be administered and disposed
104	201		of in accordance with th e provisions of the governing instrument
105	202		setting forth the terms of the trust including any amendments
106	203		thereto made before or after the testator 's death.
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108	204		3. Unless the testator's will provides otherwise, a revocation
109	205		or termination of the trust before the testator's death shall cause
110	206		the devise to lapse.
111		-
112	207		SECTION 2. REPEALER 84 O.S. 2021, Section 302, is hereby
113	208		repealed.
114		-
115	209		SECTION 3. This act shall bec ome effective November 1, 2022.
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118		-	ENR. S. B. NO. 1340 Page 4
119		-	Passed the Senate the 21st day of February, 2022.
120		-
121		-
122		-
123		-	Presiding Officer of the Senate
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126		-	Passed the House of Representatives the 28th day of April, 2022.
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130		-	Presiding Officer of the House
131		-	of Representatives
132		-
133		-	OFFICE OF THE GOVERNOR
134		-	Received by the Office of the Governor this _______ _____________
135		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
136		-	By: _______________________________ __
137		-	Approved by the Governor of th e State of Oklahoma this _____ ____
138		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
139		-
140		-	_________________________________
141		-	Governor of the State of Oklahoma
142		-
143		-
144		-	OFFICE OF THE SECRETARY OF STATE
145		-	Received by the Office of the Secretary of State this __________
146		-	day of __________________, 20 _______, at _______ o'clock _______ M.
147		-	By: _______________________________ __
	211	+	COMMITTEE REPORT BY: COMMITTEE ON JUDICIARY - CIVIL, dated
	212	+	04/06/2022 - DO PASS.