AUGUST 2026 | 19 THE OKLAHOMA BAR JOURNAL Annually and Upon Termination of Trust A trustee must send to distributees and potential distributees (note the annual notice requirement does not apply to the broader “qualified beneficiaries,” although the broader group of qualified beneficiaries may request the trustee’s full report) the trustee’s report.22 What Must be Included in a Trustee’s Report? The trustee’s report, as referenced in the notice provisions, must contain: “a report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee’s compensation, a listing of the trust assets and, if feasible, their respective market values.” 23 CREDITORS’ CLAIMS Change: The OUTC creates statutory exposure to creditors’ claims for trustees of revocable trusts upon the death of the settlor. Prior to the enactment of the OUTC, Oklahoma did not have any statutory or case law authority for the proposition that a trust that became irrevocable upon the settlor’s death may be subject to the claims of the creditors of the settlors. The new OUTC, by contrast, specifically sets out that “the property of a trust that was revocable at the settlor’s death is subject to claims of the settlor’s creditors, costs of administration of the settlor’s estate, the expenses of the settlor’s funeral and disposal of remains, and statutory allowances to a surviving spouse and children to the extent the settlor’s probate estate is inadequate to satisfy those claims, costs, expenses, and allowances.”24 This presents a particular challenge for trustees of a revocable trust after the settlor’s death who are not aware of the settlor’s particular creditors. There is no process in the OUTC that is corollary to the notice period in the Oklahoma probate statutes, which would provide for notice to the public and a cutoff date for creditors to present their claims. Without this process, a trustee must make reasonable efforts to identify and provide notice to any potential creditors and pay such claims prior to making distribution to the trust’s beneficiaries. CONCLUSION The enactment of the OUTC marks a shift from a largely common-law framework to a detailed statutory regime governing trust administration in Oklahoma. While many of the underlying fiduciary principles will be familiar to experienced trustees, the specificity of the OUTC, especially with respect to reporting obligations, timelines, and creditor claims, creates new areas of potential risk. Trustees can no longer rely on informal practices or assumptions about prior law. Compliance with the OUTC now requires a working knowledge of statutory duties, careful attention to required notices and reports, and a proactive approach to identifying creditor claims when administering trusts that become irrevocable at death. Attorneys who regularly advise trustees must make them aware of these changes that will bring increased scrutiny and potential liability. Trustees and the attorneys that advise them should review their existing trust administration practices to ensure alignment with the OUTC’s requirements going forward. ABOUT THE AUTHOR Amanda M. Swain is the founder of Swain Trusts & Estates in Oklahoma City, where she advises clients on estate planning, trusts, taxation, and family office matters. She is a graduate of Wake Forest University and the OU College of Law, where she graduated first in her class. She has practiced in Oklahoma for nearly 20 years. ENDNOTES 1. 60 O.S. §§1601.1-1610.3. 2. See 60 O.S. §1601.12 and 60 O.S. §1610.3. 3. E.g. Welch v. Crow, 2009 OK 20, 206 P.3d 599; Showmaker v. Estate of Freeman, 1998 OK 17, ¶ 19, 967 p.2d871, May v. Oklahoma Bank & Trust Co., 2011 OK 52, ¶ 15, 261 P.3d 1138. 4. See 60 O.S. §1601.5. 5. See Restatement (Third) of Trusts: Prudent Investor Rule §227(c)(3)(1992). 6. 60 O.S. §§175.1-175.57. 7. See 60 O.S. §175.67. 8. See Unif. Trust Code §708 cmt (2023). 9. See Restatement (Second) of Trusts Section 170(i)(1959). 10. Unif. Trust Code §1003 cmt (2023). 11. See 60 O.S. §175.57. 12. 60 O.S. §175.23(C). 13. 60 O.S. §175.57. 14. Id. 15. See 60 O.S. §1601.5. 16. 60 O.S. §1601.3(13). 17. See Unif. Trust Code §103(13)(2023). An additional bill with changes to the Oklahoma Uniform Trust Code has passed and will be effective Nov. 1, 2026 that brings Oklahoma’s definition of qualified beneficiaries in alignment with the Uniform Trust Code’s definition. 18. 60 O.S. §1608.12(B)(1). 19. 60 O.S. §1608.12(B)(2). 20. 60 O.S. §1608.12(B)(3). 21. 60 O.S. §1608.12(B)(4). 22. 60 O.S. §1608.12(C). 23. Id. 24. 60 O.S. §1605(A)(2). Statements or opinions expressed in the Oklahoma Bar Journal are those of the authors and do not necessarily reflect those of the Oklahoma Bar Association, its officers, Board of Governors, Board of Editors or staff.
RkJQdWJsaXNoZXIy OTk3MQ==