HB 690 -- Missouri Family Trust

Sponsor:  Holand

This bill revises provisions pertaining to the Missouri Family
Trust.

The bill:

(1)  Requires the Board of Trustees of the Missouri Family Trust
to advise, consult, and render service to departments and
agencies of the State of Missouri and to other nonprofit agencies
that provide services to Missouri residents with a disability and
have tax-exempt status under Section 501(c)(3) of the Internal
Revenue Code;

(2)  Authorizes the trust to accept contributions from an account
of a life beneficiary who dies.  The amount of the contribution
to the trust is subject to certain criteria;

(3)  Requires any matters resolved by arbitration to be conducted
in accordance with the Commercial Arbitration Rules of the
American Arbitration Association.  The bill also allows any
judgment on an arbitrator's award to be entered in any court of
competent jurisdiction;

(4)  Revises provisions pertaining to withdrawals of the
principal balance from an account of a life beneficiary, the
distribution of undistributed income, and the distribution of the
principal balance to a charitable trust; and

(5)  Allows any person, with consent of the board, to establish a
restricted account within a charitable trust and to determine the
beneficiaries of the account.

Missouri House of Representatives
Last Updated July 25, 2003 at 10:12 am