A. In this section, 'power of appointment' means a power that enables a person acting in a ýnonfiduciary capacity to designate a recipient of an ownership interest in or another power of ýappointment over trust property.ý B. This act does not apply to a:1. Power of appointment;ý2. Power to appoint or remove a trustee or trust director;ý3. Power of a settlor over a trust to the extent the settlor has a power to revoke ýthe trust;ý4. Power of a beneficiary over a trust to the extent the exercise or nonexercise of ýthe power affects the beneficial interest of:a.ýthe beneficiary, or ýb.another beneficiary represented by the beneficiary with respect to the exercise or nonexercise of the power; or5. Power over a trust, if:ýa.the terms of the trust provide that the power is held in a nonfiduciary capacity, andb.the power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under ýthe United States Internal Revenue Code of 1986, as amended, and regulations issued ýthereunder, as amended.ýC. Unless the terms of a trust provide otherwise, a power granted to a person to designate a ýrecipient of an ownership interest in, or power of appointment over trust property hereunder, as amended.ýC. Unless the terms of a trust provide otherwise, a power granted to a person to designate a ýrecipient of an ownership interest in, or power of appointment over trust property which is ýexercisable while the person is not serving as a trustee is a power of appointment and not a power ýof direction.ýAdded by Laws 2024, c. 369, § 6, eff. Nov. 1, 2024.
Oklahoma Legal Code