REVOCABLE LIVING TRUST AGREEMENT

(Oklahoma)

[// GUIDANCE: This template is drafted to comply with the Oklahoma Trust Act, Okla. Stat. tit. 60, § 175.1 et seq. Customize all bracketed text, add or delete provisions as appropriate, and review with counsel prior to execution.]

TABLE OF CONTENTS

I. Document Header
II. Definitions
III. Operative Provisions
IV. Representations & Warranties
V. Covenants & Restrictions
VI. Default & Remedies
VII. Risk Allocation
VIII. Dispute Resolution
IX. General Provisions
X. Execution Block
Schedule A – Initial Trust Property
Schedule B – Successor Trustee Acceptance
Schedule C – Certification of Trust (Short Form)

I. DOCUMENT HEADER

1. Title
   Revocable Living Trust Agreement (the “Trust Agreement”)

2. Parties
   a. [FULL LEGAL NAME OF SETTLOR] (“Settlor,” also referred to herein as “Grantor” or “Trustor”)
   b. [FULL LEGAL NAME OF INITIAL TRUSTEE] (“Trustee”)
   c. [Add Co-Trustee(s), if any]

3. Effective Date
   This Trust Agreement is made and entered into as of [EFFECTIVE DATE] (the “Effective Date”).

4. Recitals
   A. Settlor desires to establish a revocable trust to hold and manage property for the benefit of the Beneficiaries (defined below).
   B. Trustee is willing to accept the trust and agrees to administer the Trust Estate in accordance with this Trust Agreement and applicable Oklahoma law.
   C. All parties intend that this Trust Agreement be governed by the Oklahoma Trust Act and all other applicable laws of the State of Oklahoma.

II. DEFINITIONS

The following capitalized terms shall have the meanings set forth below. Defined terms include the plural and any gender unless the context requires otherwise.

“Accounting Period” – Each calendar year ending December 31, or such shorter period as may be required by law or this Trust Agreement.

“Beneficiaries” – The persons or entities identified in Section III.2 to receive distributions of income or principal.

“Dispositive Event” – The earliest to occur of (i) Settlor’s death, (ii) revocation of this Trust pursuant to Section III.5, or (iii) termination under Section III.6.

“Grantor Trust Rules” – Subpart E of Subchapter J, Chapter 1 of the Internal Revenue Code of 1986, as amended.

“Incumbent Trustee” – The individual or corporate trustee then serving.

“Protected Person” – Each Trustee, Successor Trustee, trust protector (if any), and their respective affiliates, employees, and agents.

“Schedule(s)” – Any schedule attached hereto, each of which is incorporated by reference.

“Trust Assets” – All property, real, personal, tangible, and intangible, transferred to or acquired by the Trust, including all additions, substitutions, and proceeds.

“Trust Estate” – Collectively, the Trust Assets and all undistributed income thereon.

III. OPERATIVE PROVISIONS

1. Creation and Funding
   a. Transfer of Assets. Concurrently with execution, Settlor hereby transfers to Trustee the property described on Schedule A, receipt of which Trustee acknowledges.
   b. Additional Property. Settlor or any other person may transfer additional property to the Trust at any time by written instrument.

2. Beneficiaries and Distributions During Settlor’s Lifetime
   a. Primary Beneficiary. Settlor shall be the sole beneficiary during Settlor’s lifetime.
   b. Discretionary Distributions. Trustee shall distribute to or for the Settlor’s benefit so much of the net income and principal of the Trust Estate as Settlor may request or, if Settlor is incapacitated, as Trustee deems necessary for Settlor’s health, education, support, or maintenance.

3. Distributions Upon Settlor’s Death
   Upon the death of Settlor, Trustee shall (i) pay all enforceable expenses of last illness, funeral, debts, and administration expenses as directed by Settlor’s pour-over will or Oklahoma probate law; and (ii) distribute or retain the remaining Trust Estate as follows:
   [Insert detailed dispositive provisions: e.g., outright gifts, continuing testamentary trusts for descendants, charitable distributions, etc.]

4. Management Powers of Trustee
   Trustee shall have all powers granted under Okla. Stat. tit. 60, § 175.24, the Oklahoma Uniform Trust Code, and as otherwise permitted by law, including the power to:
   a. Buy, sell, lease, exchange, or otherwise dispose of Trust Assets;
   b. Invest and reinvest in any kind of property or security;
   c. Borrow money and encumber Trust Assets;
   d. Employ agents, attorneys, accountants, and investment advisers; and
   e. Take any action Trustee reasonably deems advisable to manage the Trust Estate.

5. Revocation and Amendment
   This Trust is revocable. Settlor may revoke or amend this Trust Agreement, in whole or in part, by a signed, written instrument delivered to the Incumbent Trustee during Settlor’s lifetime and while Settlor is not incapacitated.

6. Termination
   The Trust shall terminate upon the final distribution of all Trust Assets following the Dispositive Event, unless terminated earlier in accordance with applicable law. Upon termination, Trustee shall distribute the remaining Trust Estate outright to the then-current Beneficiaries.

7. Incapacity of Settlor
   a. Determination. Incapacity shall be conclusively determined by a written statement of two licensed physicians.
   b. Effect. During any period of incapacity, Trustee shall administer and distribute the Trust Estate for Settlor’s benefit without further consent.

8. Successor Trustee Rules
   a. Designated Successor. [NAME OF FIRST SUCCESSOR TRUSTEE] is designated as first Successor Trustee. If such person is unable or unwilling to serve, then [SECOND SUCCESSOR TRUSTEE] shall serve.
   b. Appointment by Beneficiaries. If no designated Successor Trustee is able to serve, a majority of the adult Beneficiaries may appoint a corporate fiduciary having trust powers under Oklahoma law.
   c. Acceptance. A Successor Trustee shall signify acceptance by executing Schedule B.
   d. Transition. Title to Trust Assets vests automatically in the Successor Trustee without need for further conveyance.

9. Compensation and Reimbursement
   Trustee shall be entitled to reasonable compensation in accordance with customary fiduciary fee schedules and shall be reimbursed from the Trust Assets for all properly incurred expenses.

10. Asset Transfer Procedures
    a. Real Property. All real property shall be conveyed to “[TRUSTEE NAME], as Trustee of the [TRUST NAME] dated [DATE].” Deeds shall be recorded in the county land records.
    b. Titled Personal Property. Motor vehicles, watercraft, and aircraft shall be re-titled in the Trust’s name with the relevant governmental agency.
    c. Financial Accounts. Bank and brokerage accounts shall be re-registered to the Trust with appropriate pay-on-death or transfer-on-death designations removed.
    d. Beneficiary-Designated Assets. Life insurance, annuities, and retirement plans should reflect the Trust (or sub-trusts) as beneficiary where tax-efficient.
    [// GUIDANCE: Funding errors are the most common reason trusts fail. Provide clients with written instructions and confirm transfers post-closing.]

IV. REPRESENTATIONS & WARRANTIES

1. Settlor
   a. Capacity. Settlor represents that Settlor is of full legal age and sound mind.
   b. Title. All property conveyed to the Trust is free of undisclosed liens or encumbrances.

2. Trustee
   a. Authority. Trustee represents that Trustee has full authority to enter into and perform this Trust Agreement.
   b. Fiduciary Duty. Trustee acknowledges fiduciary duties of loyalty and prudence under Oklahoma law.

3. Survival
   All representations and warranties shall survive execution and continue for the duration of the Trust.

V. COVENANTS & RESTRICTIONS

1. Trustee Covenants
   a. Duty of Care. Administer the Trust as a prudent person would, consistent with Okla. Stat. tit. 60, § 175.65.
   b. Duty to Inform & Report. Provide annual statements to Beneficiaries within 90 days after each Accounting Period.
   c. Records. Maintain complete and accurate books and records.

2. Settlor Covenants
   a. Tax Information. Provide Trustee with all information necessary to prepare tax filings.
   b. Further Assurances. Execute documents reasonably requested to effectuate funding.

VI. DEFAULT & REMEDIES

1. Events of Default
   a. Serious Breach. Willful misconduct or gross negligence by Trustee.
   b. Incapacity Without Successor. Trustee becomes incapacitated without an acting Successor Trustee.

2. Notice & Cure
   Any Beneficiary alleging default must give written notice specifying the breach. Trustee shall have 30 days to cure, or such longer period as is reasonably necessary if cure is commenced within the initial period.

3. Remedies
   a. Removal. Beneficiaries may petition the Oklahoma district court sitting in probate for removal.
   b. Accounting. Court-ordered accounting and surcharge.
   c. Injunctive Relief. Immediate injunctive relief to prevent dissipation of Trust Assets.

4. Attorneys’ Fees
   The court may award reasonable attorneys’ fees and costs to the prevailing party, payable from the Trust Assets or personally, as justice requires.

VII. RISK ALLOCATION

1. Indemnification of Trustee
   a. Scope. To the fullest extent permitted by law, the Trust shall indemnify and hold harmless each Protected Person from and against any claim, loss, liability, or expense (including attorneys’ fees) arising from the performance of fiduciary duties, except for acts of willful misconduct or gross negligence.
   b. Source of Payment. Indemnification shall be satisfied solely from the Trust Assets; no Beneficiary shall be personally liable.

2. Limitation of Liability
   No Protected Person shall be liable for any act or omission made in good faith and in reliance on this Trust Agreement and applicable law, except for willful misconduct or gross negligence.

3. Insurance
   Trustee may purchase fiduciary liability insurance, the premiums of which shall be paid from the Trust Assets.

4. Force Majeure
   Trustee shall be excused from performance to the extent delayed or prevented by events beyond Trustee’s reasonable control, including, without limitation, natural disasters, war, terrorism, and changes in law.

VIII. DISPUTE RESOLUTION

1. Governing Law
   This Trust Agreement and all disputes arising hereunder shall be governed by and construed in accordance with the laws of the State of Oklahoma, without regard to its conflict-of-law principles.

2. Forum Selection
   Exclusive jurisdiction and venue for any judicial proceeding shall lie in the [NAME OF COUNTY] County District Court, Probate Division.

3. Optional Arbitration
   a. Election. By unanimous written consent, all then-current Beneficiaries and the Incumbent Trustee may elect to submit any dispute to binding arbitration administered by the American Arbitration Association under its Trust & Estate Arbitration Rules.
   b. Preservation of Injunctive Relief. Notwithstanding the foregoing, the probate court shall retain power to issue temporary or permanent injunctive relief concerning Trust enforcement.

4. Jury Waiver
   (Intentionally omitted per metadata instruction: no jury waiver for probate matters.)

IX. GENERAL PROVISIONS

1. Amendment & Waiver
   Except as otherwise provided herein, no amendment or waiver of any provision shall be effective unless in writing and signed by Settlor (if living) and the Incumbent Trustee. No waiver shall constitute a waiver of any other provision or subsequent breach.

2. Assignment & Delegation
   Trustee may delegate investment or administrative functions in accordance with Okla. Stat. tit. 60, § 175.24(G), but shall remain responsible for selection and oversight of delegates. No Beneficiary may assign, pledge, or hypothecate any interest in the Trust prior to distribution.

3. Spendthrift Protection
   All interests of Beneficiaries are subject to a spendthrift trust as defined in Okla. Stat. tit. 60, § 175.25. Voluntary or involuntary alienation is prohibited until distribution.

4. Severability
   If any provision is held invalid, the remaining provisions shall remain in full force, and the invalid provision shall be reformed to the minimum extent necessary to effectuate the Settlor’s intent.

5. Entire Agreement
   This Trust Agreement constitutes the entire agreement among the parties relating to the subject matter hereof and supersedes all prior understandings.

6. Counterparts & Electronic Signatures
   This Trust Agreement may be executed in multiple counterparts, each of which shall be deemed an original. Signatures delivered by electronic means shall be deemed original and binding.

7. Successors & Assigns
   This Trust Agreement shall be binding on and inure to the benefit of the parties hereto and their respective heirs, successors, and assigns.

X. EXECUTION BLOCK

IN WITNESS WHEREOF, the parties have executed this Trust Agreement as of the Effective Date.

1. Settlor

[SETTLOR NAME], Settlor

2. Trustee

[TRUSTEE NAME], Trustee

[Add signature blocks for Co-Trustees, if any]

NOTARIZATION

State of Oklahoma )
County of ____ ) ss.

On this ___ day of ____, 20__, before me, the undersigned Notary Public, personally appeared [SETTLOR NAME] and [TRUSTEE NAME], known to me (or satisfactorily proven) to be the persons whose names are subscribed to the foregoing instrument, and acknowledged that they executed the same for the purposes therein contained.

Notary Public
Commission No.: _
My Commission Expires: _

Schedule A

Initial Trust Property
[List each asset with sufficient descriptive detail—e.g., “123 Main Street, Tulsa, Oklahoma, more particularly described as…” or “Account No. xxxx1234 at XYZ Bank.”]

Schedule B

Successor Trustee Acceptance
I, [SUCCESSOR TRUSTEE NAME], hereby accept the office of Successor Trustee of the [TRUST NAME] dated [DATE], and agree to administer the Trust in accordance with its terms and Oklahoma law.

[SUCCESSOR TRUSTEE NAME]
Date: _____

Schedule C

Certification of Trust (Short Form)
[// GUIDANCE: Provide a privacy-protected certificate for third parties under Okla. Stat. tit. 60, § 175.6a, omitting dispositive terms and personal identifiers.]

[// GUIDANCE: This template intentionally omits tax strategy language (e.g., marital deduction, GST planning). Add specialized provisions where the estate’s value or family circumstances warrant additional planning.]