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SB 577 - Currently, if an attorney in fact or his or her successor, appointed to act as agent pursuant to a written power of attorney, acts in bad faith, fraudulently or dishonestly then the attorney in fact shall be liable to the principal or the principal's successors in interest for damages as well as attorney's fees. This act provides that the attorney in fact shall be liable if she or he engages in willful misconduct or fraud or acts with willful disregard for the purposes, terms, or conditions of the power of attorney. For the purposes of the act "successors in interest" include those who can prove that they have been damaged as a result of the attorney in fact's actions (404.717). The act provides that when a noncharitable irrevocable trust is modified or terminated without a court order pursuant to current law, a beneficiary, who is not a qualified beneficiary, may be represented in such non judicial proceedings by a qualified beneficiary who has substantially identical interests (456.3-304). Under current law, a court may modify or terminate a noncharitable irrevocable trust which became irrevocable on or after January 1, 2005, upon finding that the interests of nonconsenting beneficiaries will be protected, and terminating or modifying the trust does not affect the material purpose of the trust. This act provides that a court may modify or terminate all noncharitable irrevocable trusts, which meet such conditions. The act also repeals a provision of law regarding the termination and modification of a trust instrument that became irrevocable prior to January 1, 2005 (456.4B-411, 456.590). Under current law, a settlor, cotrustee, or a qualified beneficiary may request the court to remove a trustee or the trustee may be removed by the court's own initiative. This act specifies that a court may also replace the trustee. When a corporation is the trustee being removed the successor trustee shall be selected by the court (456.7-706). The act provides that the Principal and Income Act shall apply to every trust or decedent's estate existing on or after August 28, 2001, rather than solely to those trusts or decedents' estates existing on August 28, 2001 (469.467). Current law provides that for letters of administration to be issued an application must be made to the court within one year of the death of the decedent. This act provides that this time limit rule applies on the issuance of letters of administration except as provided under current law that when a will is presented to the probate court within the proper time limits, then administration may be granted on the will at any time after presentation (473.050). JESSI BAKER
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