Title XXXI — TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY
11 chapters · 736 sections in this title.
§ 469.453 RSMo Required disbursements from principal
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469.453. Required disbursements from principal. — 1. A trustee shall make the following disbursements from principal: (1) The remaining one-half of the disbursements described in subdivisions (1) and (2) of section 469.451; (2) All of the trustee's compensation calculated on prin…
§ 469.455 RSMo Depreciation not to be transferred
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469.455. Depreciation not to be transferred. — 1. As used in this section, the term "depreciation" means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a fixed asset having a useful life of more than one year. 2. A trustee may transfer to prin…
§ 469.457 RSMo Principal disbursement, permitted transfers
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469.457. Principal disbursement, permitted transfers. — 1. If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or…
§ 469.459 RSMo Taxes to be paid from income or principal, when
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469.459. Taxes to be paid from income or principal, when. — 1. A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. 2. A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, …
§ 469.461 RSMo Adjustments between principal and income, when — estate tax marital
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469.461. Adjustments between principal and income, when — estate tax marital deduction or charitable contributions, how handled. — 1. A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income benefici…
§ 469.463 RSMo Uniformity considered in application and construction
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469.463. Uniformity considered in application and construction. — In applying and construing sections 469.401 to 469.467, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. -------- (L. 2001 H…
§ 469.465 RSMo Severability clause
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469.465. Severability clause. — If any provision of sections 469.401 to 469.467 or the application of these sections to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of sections 469.401 to 469.467 which can be given ef…
§ 469.467 RSMo Applicability of sections
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469.467. Applicability of sections. — Sections 469.401 to 469.467 apply to every trust or decedent's estate existing on or after August 28, 2001, except as otherwise expressly provided in the will or terms of the trust or in sections 469.401 to 469.467. -------- (L. 2001 H.B. 2…
§ 469.600 RSMo Doctrine of worthier title and Rule in Bingham's case abolished, effect of
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469.600. Doctrine of worthier title and Rule in Bingham's case abolished, effect of language describing beneficiaries. — The doctrine of worthier title and the Rule in Bingham's case is abolished as a rule of law and as a rule of construction. Language in a governing instrument d…
§ 469.900 RSMo Citation of law — definitions
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469.900. Citation of law — definitions. — Sections 469.900 to 469.913 shall be known, and may be cited, as the "Missouri Prudent Investor Act". As used in this act, the term "trustee" includes independent personal representatives and trustees, whether of express or implied trusts…
§ 469.901 RSMo Trustee duties, settlor may restrict or expand
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469.901. Trustee duties, settlor may restrict or expand. — 1. Except as otherwise provided in subsection 2 of this section, or by other applicable laws, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investo…
§ 469.902 RSMo Trustee duties and powers — decisions to be evaluated in context of trust
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469.902. Trustee duties and powers — decisions to be evaluated in context of trust. — 1. A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying …
§ 469.903 RSMo Diversification required, exception
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469.903. Diversification required, exception. — A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying. -------- (L. 1996 H.B. 1432,…
§ 469.904 RSMo Trust assets, retention and disposition
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469.904. Trust assets, retention and disposition. — Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the …
§ 469.905 RSMo To whom duty owed
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469.905. To whom duty owed. — A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries. -------- (L. 1996 H.B. 1432, A.L. 2004 H.B. 1511) Transferred 2004; formerly 456.905
§ 469.906 RSMo Multiple beneficiaries, duty owed to whom
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469.906. Multiple beneficiaries, duty owed to whom. — If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries. -------- (L. 1996 H.B. 1432, A.L. 2004…
§ 469.907 RSMo Restriction on costs
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469.907. Restriction on costs. — In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee. -------- (L. 1996 H.B. 1432, A.L. 2004 H.B. 1511) Tra…
§ 469.908 RSMo Prudent investor rule, standard
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469.908. Prudent investor rule, standard. — The prudent investor rule imposes a standard of conduct, but does not contemplate a specific outcome or performance. Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of…
§ 469.909 RSMo Trustee powers, delegation — agent duties — liability of agent — agent
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469.909. Trustee powers, delegation — agent duties — liability of agent — agent submits to jurisdiction, when. — 1. A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee …
§ 469.910 RSMo Trust terms and phrases, definition
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469.910. Trust terms and phrases, definition. — The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorize any investment or strategy permitted under this act*: "investments permissible by law for investment of trust f…
§ 469.911 RSMo Applicability of certain sections
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469.911. Applicability of certain sections. — Except as otherwise specifically provided in the terms of the trust or in sections 456.035 to 456.041 and sections 469.900 to 469.913, the provisions of sections 456.035 to 456.041 and sections 469.900 to 469.913 shall apply to any tr…
§ 469.912 RSMo Interpretation of certain sections
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469.912. Interpretation of certain sections. — This act* shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act** among the states enacting it. -------- (L. 1996 H.B. 1432, A.L. 2004 H.B. 1511) Transferre…
§ 469.913 RSMo Specific statutory standards to control
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469.913. Specific statutory standards to control. — The general assembly recognizes that persons, corporations, entities or state agencies who have responsibility for investing funds may be subject to a standard that is specifically set forth in other statutes. Under such circums…