BY JOANNA K. MURPHY
Executive Vice President, General Counsel & Corporate Secretary

In the world of trusts, the relationship between a trustee and a beneficiary is the foundation upon which everything else is built. A strong, transparent relationship ensures the trust fulfills its core purpose: protecting and providing for the beneficiary.

Oklahoma law has long recognized the importance of this relationship, setting out clear duties for trustees, including the obligation to:

• Act in the best interest of the beneficiary
• Remain impartial when serving multiple beneficiaries
• Keep beneficiaries informed about the trust
• Maintain accurate and complete trust records

To further reinforce these principles, Oklahoma has recently taken steps to modernize its trust laws through the adoption of the Oklahoma Uniform Trust Code. These new provisions take effect on Nov. 1, 2025, and generally apply to all Oklahoma trusts regardless of date of formation. While a comprehensive review of the new provisions is beyond the scope of this article, we hope this report provides information on a few new reporting requirements for trustees of irrevocable trusts.

What’s Changing for Trustees?

Beginning Nov. 1, 2025, trustees of irrevocable trusts will be required to meet the following obligations, whether or not that trust became irrevocable before or after this date:

1. Annual Trust Statement

Trustees must provide, at least annually, a written statement to beneficiaries who:

• Currently receive distributions from the trust, or
• Have a right to receive such distributions

This statement must include:

• A list of the trust’s assets and liabilities
• A record of trust transactions
• Details of trustee compensation
• Beneficiaries may waive their right to receive this statement and may withdraw that waiver at any time

2. Advance Notice of Trustee Compensation Change

Trustees will be required to give certain beneficiaries advance notice of any change in trustee compensation structure.

3. Initial Notice Within 60 Days

Within 60 days of accepting a trusteeship, the trustee must notify certain beneficiaries of the new trustee’s name, address, and telephone number.

Further, for any trust that becomes irrevocable after Nov. 1, 2025, whether due to the terms of the trust or the death of the settlor, the trustee must notify beneficiaries within 60 days of:

• The existence of the trust
• The identity of the settlor(s)
• The beneficiary’s right to request a copy of the trust document
• The beneficiary’s right to receive the annual trust statement

What’s Not Changing?

These new requirements do not apply to revocable trusts — those that can be amended or revoked by the settlor as long as they remain legally competent. The vast majority of the individual trustees we work with at Trust Company Oklahoma serve in this capacity. As a result, most trustees will not be impacted by these changes.

We’re Here to Help

As Oklahoma modernizes its trust laws, the focus remains on strengthening the fiduciary relationship between trustees and beneficiaries. By increasing transparency and accountability, the new Uniform Trust Code helps ensure that trusts continue to fulfill their purpose with integrity and clarity.

If you have questions about how these changes may affect your role as a trustee or your rights as a beneficiary, we are here to help. Please contact Trust Company Oklahoma for guidance on understanding or implementing these new requirements. Our team is ready to assist you every step of the way.