§ 175.82. Definitions
Oklahoma Statutes AnnotatedTitle 60. Property
60 Okl.St.Ann. § 175.82
§ 175.82. Definitions
As used in the Oklahoma Discretionary and Special Needs Trust Act:
5. “Discretionary interest” means any interest for which a trustee has discretion to make or withhold a distribution. A discretionary interest includes permissive language such as “may make distributions” or it may include mandatory language that is inconsistent with the intent of the settlor to create a discretionary trust, such as “The trustee shall make distributions in the sole and absolute discretion of the trustee”;
6. “Distribution interest” means a beneficiary's equitable interest to enforce the distribution terms of the trust subject to the judicial review standard. A distribution interest is classified as a mandatory interest, a support interest, a discretionary interest, or a combination of any such interests. A distribution interest includes both current distribution interests and future distribution interests;
10. “Power of appointment” means an inter vivos or testamentary power to direct the disposition of trust property, other than a distribution decision by a trustee to a beneficiary. Powers of appointment are held by donees, not the settlor. A power of appointment includes any right or power granted by statute to any person other than the settlor;
13. “Special Needs Trust” means a trust created for the partial or exclusive benefit of a disabled or incapacitated person, in order to allow the disabled or incapacitated beneficiary to avoid loss of eligibility for government benefit programs, including, but not limited to, Medicaid, Supplemental Security Income, Social Security Disability Income or other state or federal benefit programs; and
14. “Support interest” means any interest which is not a mandatory interest or a discretionary interest. A support interest shall include mandatory language such as “shall make distributions” and be coupled with a standard capable of judicial interpretation, such as an “ascertainable standard” as defined in Internal Revenue Code (IRC) Section 2041.
Credits
Laws 2010, c. 280, § 2, eff. Nov. 1, 2010.
60 Okl. St. Ann. § 175.82, OK ST T. 60 § 175.82
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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