HB 1511 -- Trust and Estate Administration

Sponsor:  Byrd

This bill enacts the Missouri Uniform Trust Code.  In its main
provisions, the Missouri Uniform Trust Code:

(1)  Sets general provisions and definitions regarding trust
administration;

(2)  Establishes rules regarding court jurisdiction and venue for
actions concerning trusts;

(3)  Provides rules for the representation of minor, unborn, and
unascertained beneficiaries and other interested persons by
fiduciaries in judicial and non-judicial contexts;

(4)  Specifies the requirements for creating, modifying, and
terminating trusts;

(5)  Sets provisions regarding the ability of creditors of trust
settlors or beneficiaries to reach trust assets, including the
effect of spendthrift clauses;

(6)  Sets and clarifies provisions relating to revocable trusts,
including a settlor's necessary legal capacity to create a valid
revocable trust, a presumption that trusts are revocable unless
otherwise specified, and requirements for trust amendments and
revocations;

(7)  Contains default rules for dealing with the office of
trustee, which may be modified by the terms of the trust;

(8)  Details the fiduciary duties of trustees and enumerates
trustees' powers; and

(9)  Specifies the liability of trustees and the rights of
persons dealing with trustees.

The bill also moves the Missouri Prudent Investor Act and the
Missouri Principal and Income Act from Chapter 456, RSMo, to
Chapter 469.

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:15 am