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§15-221. "Construction agreement" defined - Limitations on liability arising out of death or bodily injury void - Exceptions.
An Oklahoma irrevocable trust removes the power from the grantor. The grantor forfeits any rights to the assets placed in the trust (the assets are transferred to the trust so that the grantor no longer owns the assets), as well as any rights to manage the assets of the trust.
You place assets into the trust during your life, but you continue to use and manage them as you normally would. You can live in your house, give gifts, and spend money. After you die, the assets are controlled by the terms you have set up in the trust.
In Oklahoma, trusts are deemed to be revocable unless the document creating the trust specifically says the trust is irrevocable. An irrevocable trust will generally be required to achieve minimization of estate or income taxes.
15, § 219A. Noncompetition agreements: Unlawful Contracts ? Oklahoma. Prohibits noncompete contracts except those written to protect the sale of goodwill of a business, dissolution of a partnership or those that prohibit only the direct solicitation of established customers of the former employer.
As a beneficiary in Oklahoma, you have several rights. At the most basic level, you are entitled to receive information about the estate and its administration. You also have a right to an accounting of the estate's assets, debts, and distributions.
A trust contest must be commenced within 120 days after a trust beneficiary receives notice of their inheritance from the trust, usually in the form of a letter stating the trustee is providing notice of the trust administration.
The Oklahoma Uniform Trust Code applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust.