This text of Oklahoma § 60-175.82 (Definitions.) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
As used in the Oklahoma Discretionary and Special Needs Trust Act: 1. “Beneficial interest” means a distribution interest or a remainder interest, and excludes a power of appointment or a power reserved by the settlor; 2. "Beneficiary" means a person who has a present or future beneficial interest in a trust, vested or contingent. However, the holder of a power of appointment shall not be considered a beneficiary; 3. “Child” means any person for whom an order or judgment for child support has been entered in this state or another state; 4. “Current distribution interest” means a distribution interest where on the date of qualification the beneficiary is an eligible distributee or permissible distributee of trust income or principal; 5. “Discretionary interest” means any interest for which
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As used in the Oklahoma Discretionary and Special Needs Trust Act: 1. “Beneficial interest” means a distribution interest or a remainder interest, and excludes a power of appointment or a power reserved by the settlor; 2. "Beneficiary" means a person who has a present or future beneficial interest in a trust, vested or contingent. However, the holder of a power of appointment shall not be considered a beneficiary; 3. “Child” means any person for whom an order or judgment for child support has been entered in this state or another state; 4. “Current distribution interest” means a distribution interest where on the date of qualification the beneficiary is an eligible distributee or permissible distributee of trust income or principal; 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; 7. “Exception creditor” means a child of a beneficiary who has a judgment or court order against the beneficiary for support; 8. “Future distribution interest” means all distribution interests other than a current distribution interest; 9. “Mandatory interest” means a distribution interest for which the trustee has no discretion in determining whether the distribution shall be made, or the amount or timing of the distribution; 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; 11. “Remainder interest” means an interest for which a trust beneficiary will receive the property outright in the future; 12. “Reserved power” means a power held by 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.