SB 841 - Currently, a trust may provide for the appointment of a trust protector who is defined as a person other than the settlor, trustee, or beneficiary who is granted one or more powers over the trust. The act provides that a trust may provide for one or more persons, not serving as a trustee, to be given any powers over the trust, and such person is designated in the act as a trust protector. A trust, including a split interest trust, may also grant a trust protector the authority to direct or approve of a trustee's investment decisions. When a trust grants this type of authority the trust protector shall be referred to in the statutes as an "advisor," and such trust shall be deemed a directed trust.
A trust protector may take any action necessary in carrying out duties granted to the trust protector in the trust instrument. If the trust has granted the advisor the authority to direct, consent, or disapprove a trustee's investment decision pursuant to the trust, then the trustee shall not be subject to the provisions of the Missouri Prudent Investor Act when acting pursuant to the advisor's written directions.
This act is similar to provisions contained in HB 2106 (2016).