PROBATE & TRUST LAW



CCS/HCS/SB 628 - Modifies provisions relating to the judiciary. Includes the following provisions drafted by The Missouri Bar’s Probate & Trust Law Committee:
*QUALIFIED SPOUSAL TRUSTS - Section 456.950; HB 1165 (2012) & SB 636 (2012). Currently, trusts that hold a certain kind of property owned by a husband and a wife will be considered a qualified spousal trust if the property is held in one trust or the property is held in two separate shares of one trust. This act allows a trust to be considered a qualified spousal trust if the trust consists of both property held in one trust for both spouses and property held in two shares of one trust for each spouse.

*TRUST PROTECTORS - Section 456.8-808; HB 1166 (2012) & SB 761 (2012). This act modifies the law regarding trusts to specifically allow for the appointment of a trust protector. The trust protector is a person who is given power over the trust by the document that creates the trust.
 The trust protector’s powers may include: the power to remove and appoint a trustee, or name a successor trust protector, the power to modify or amend the documents that created the trust, the power to modify the interests of a beneficiary of the trust, the power to terminate the trust in favor of the beneficiary, the power to change which law applies to the trust and which state the trust is located in, and any powers that are expressly included in the trust documents.
 The trust protector is not a trustee but shall act in a fiduciary capacity in carrying out the duties and powers granted by the trust instrument to the trust protector. The trust protector will not be liable for his or her acts or omissions unless they are done in breach of the trust protector’s duty, in bad faith, or with reckless indifference. Unless it is established that the trust protector acted in bad faith or with reckless indifference, the trust protector will be reimbursed from the assets of the trust for the costs and expenses of defending a lawsuit against him or her. A trust protector is entitled to reasonable compensation from the trust assets for carrying out the powers given to them by the trust document.
 The act also provides that the trust protector is entitled to certain information about the trust, provides authority for a trust protector to resign by providing written notice to the trustee, and specifies that the courts have jurisdiction over a trust protector while the administration of the trust is in Missouri. (See Judicial Administration for a summary of additional provisions of this omnibus bill)
(Neither signed nor vetoed. Becomes law pursuant to Article III, Section 31, Missouri Constitution).

CCS/HCS/SCS/SB 635 – Includes provisions relating to Financial Institution trust authority (See Commercial Law). (Vetoed 7/12/12)

CCS/HCS/SB 636 - Modifies laws relating to the judiciary.

*QUALIFIED SPOUSAL TRUSTS - Section 456.950; HB 1165 (2012) & HCS/SB 628 (2012). Currently, trusts that hold a certain kind of property owned by a husband and a wife will be considered a qualified spousal trust if the property is held in one trust or the property is held in two separate shares of one trust. This act allows a trust to be considered a qualified spousal trust if the trust consists of both property held in one trust for both spouses and property held in two shares of one trust for each spouse. This language was drafted by The Missouri Bar’s Probate & Trust Law Committee. (See Criminal Law and Judicial Administration for a summary of additional provisions of this omnibus bill). (Signed 7/12/12)

SS/SCS/SB 689 - This act adds undue influence to the types of acts that, when committed against an elderly or disabled person, constitute the crime of financial exploitation. Undue influence is defined and includes improper use of various types of fiduciary authority. (See Elder Law for a more complete summary of this bill). (Signed 7/11/12)

Index of Bills by Subject Matter

Key
  • CCS - Conference Committee Substitute
  • HB - House Bill
  • HCS - House Committee Substitute
  • HS - House Substitute
  • HJR - House Joint Resolution
  • SB - Senate Bill
  • SCS - Senate Committee Substitute
  • SS - Senate Substitute
  • SJR - Senate Joint Resolution
  • * - Missouri Bar Committee-Drafted Legislation
 

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