|HB 1511 (Truly Agreed)||Enacts the Missouri Uniform Trust Code|
SS/HS/HCS/HB 1511 - The act enacts the Missouri Uniform Trust Code. The act creates general provisions and definitions regarding trust administration. Rules regarding court jurisdiction and venue for actions concerning trusts are established. The Code provides rules for the representation of minor, unborn, and unascertained beneficiaries and other interested persons by fiduciaries in judicial and non-judicial contexts.
The act specifies the requirements for creating, modifying, and terminating trusts. Provisions regarding the ability of creditors of trust settlors or beneficiaries to reach trust assets, including the effect of spendthrift clauses are created. The act modifies existing and creates new 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. Default rules for dealing with the office of trustee are established. Such default rules may be modified by the terms of the trust. The act sets out the fiduciary duties of trustees and enumerates trustees' powers. The act further specifies the liability of trustees and the rights of persons dealing with trustees.
The act moves the Missouri Prudent Investor Act and the Missouri Principal and Income Act from Chapter 456, RSMo, to Chapter 469, RSMo.
The act creates a rebuttable presumption of undue influence for certain asset transfers to in-home health care providers who are not closely related to the grantor.
This act modifies the nonprobate transfer of assets. Recipients of a recoverable transfer of a decedent's property shall be liable to account for a percentage of the property received if necessary to discharge statutory allowances to the decedent's surviving spouse and dependent children and for other unpaid claims remaining after the application of the decedent's estate. In order to enforce the obligation of a recipient of a recoverable transfer, an action for accounting must be commenced within 18 months of the death of the decedent by the decedent's personal representative or a qualified claimant, if the personal representative fails to follow certain procedures relating to the personal representative's failure to respond to a demand for accounting. Such demand must be filed within sixteen months of the death of the decedent. The failure of the personal representative to provide certain information in response to a demand from a qualified claimant may toll the 18-month requirement. Any judgement in a proceeding for accounting must take into the account the expenses of administration of the estate.
If an action for accounting is commenced within 18 months, other recipients of recoverable transfers may be brought into the action, even if such joinder occurs later than 18 months following the decedent's death. If an action is commenced after 18 months, then only the personal representative who received a recoverable transfer shall be liable to account pursuant to this act and no other recipient may be joined.
This act allows a beneficiary who receive a motor vehicle or an outboard motor or vessel pursuant to a transfer on death instrument to make one reassignment of the original certificate of ownership upon the death of the owner to another owner without transferring the certificate to the beneficiary's name.
This act allows owners of manufactured homes who own the home as joint tenants with the right of survivorship or as tenants by the entirety to receive a certificate of ownership in beneficiary form from the Director of the Department of Revenue. The beneficiary form shall include a directive to the Director of Revenue to transfer the certificate of ownership on the death of the owner or owners. The directive shall also permit the beneficiary to make one reassignment of the original certificate of ownership upon the death of the owner to another owner without transferring the certificate to the beneficiary's name.
A certificate of ownership in beneficiary form may not be issued to persons who hold their interest in a manufactured home as tenants in common. During the lifetime of the owners, the signature or consent of the beneficiary shall not be required for transactions relating to the manufactured home. The owner may revoke the certificate of ownership or change beneficiaries before the owner's death under certain conditions (Sale of ownership in home with proper assignment of certificate or reissuance of certificate or redesignation of beneficiary with the Director). A beneficiary's interest in the home shall be subject to security interests which the owner accrued during his or her lifetime. A beneficiary's interest in a certificate of ownership may not be changed or revoked by will or other instruments. The Director shall issue a new certificate of ownership to the surviving owners or beneficiaries upon proof of death.
This act is similar to SB 1076 (2004) and SCS/SB 983 (2004).