Title XXXI, TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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…

470.010. Estates escheat, when. — If any person die intestate, seized of any real or personal property, leaving no heirs or representatives currently capable of inheriting the same; or, if upon final settlement of an executor or administrator, there is a balance in his or her han…

470.020. Disposition of unclaimed moneys — deemed unclaimed property, when — transfer to abandoned fund account — transfer to public schools. — 1. Within one year after the final settlement of any executor or administrator, assignee, sheriff or receiver, all moneys in his or her …

470.030. Proceedings when moneys are not paid to state treasurer as required. — 1. The court having the settlement of the accounts of such executor or administrator, assignee, sheriff or receiver shall give credit for the amount thereof; but if the moneys are not paid to the stat…

470.060. When lands transfer to state. — When the prosecuting attorney shall be informed, or have reason to believe, that any real estate within his or her county should transfer to the state, and such estate shall not have been sold according to law, within five years after the …

470.070. Scire facias to issue. — Such court shall award and issue a scire facias against such person, bodies politic or corporate, as shall be alleged in such information to hold, possess or claim such estate, requiring them to appear and show cause why such estate should not be…

470.080. To be served, when. — Such scire facias shall be served fifteen days before the return day thereof, and the court shall make an order, setting forth briefly the contents of such information, and requiring all persons interested in or claiming title to said estate to appe…

470.090. Who may appear and defend. — All persons, bodies politic and corporate, named in such information as terre-tenants or claimants to the estate, may appear and plead to such proceeding, and may traverse or deny the facts stated in the information and the title of the state…

470.100. Judgment rendered, when. — If no person appear and plead, or, appearing, shall refuse to plead, within the time, then judgment shall be rendered for the state, and it shall be seized and possessed of the lands and tenements in such information described and claimed. ­­--…

470.110. Issues shall be made up and tried, when. — If any person shall appear and deny the title set up by the state, or traverse any material fact in the information alleged, issues shall be made up and tried as other issues of fact, and a survey may be ordered and entered as i…

470.120. Judgment for state, when. — If, after the issues are tried, it appear from the facts that the state hath good title to the lands and tenements described in the information, or any part thereof, judgment shall be rendered that the state be seized thereof and recover costs…

470.130. Judgment for defendant, when. — If it appears that the state has no title in such estate, the defendant shall recover his or her costs, to be taxed and certified by the clerk, provided that the court find, from the facts, that the title to such estate is in the defendant…

470.140. Writ of possession to issue. — When judgment is rendered for, and the title to such real estate described in the information is vested in the state, a writ shall be issued to the sheriff of the same county, commanding him to seize said real estate. ­­-------- (RSMo 1939 …

470.150. Copy of record filed with state treasurer. — Upon the return of such writ of possession, the prosecuting attorney shall cause the record and process to be exemplified under the seal of the court and deposit the same in the office of the state treasurer; and he or she sha…

470.160. Appeals taken. — Any party who shall have appeared to any proceedings, and the prosecuting attorney on behalf of the state, shall have the right to prosecute an appeal upon any such judgment. ­­-------- (RSMo 1939 § 635, A. 1949 S.B. 1137) Prior revisions: 1929 § 635; 19…

470.170. Lands claimed within five years, by whom. — Within five years after judgment has been rendered, any person, other than those who were served with the scire facias, or appeared to the proceedings, their heirs or assigns, may appear and claim lands vested in the state and …

470.180. Petition served on whom. — A copy of this petition shall be served upon the prosecuting attorney of the county, who shall make answer thereto; and the court shall examine the allegations and proofs, and if it appear that the person has a good claim, title or interest in …

470.200. Court may order sale. — Whenever title to any real estate has vested in the state, the circuit court of the county in which such estate is situate shall, upon the application of the prosecuting attorney of said county, order and direct said real estate to be sold; which …

470.210. Proceeds paid into abandoned fund account. — All moneys realized from the sale of any real estate, after paying all costs of such proceedings, and such compensation to the prosecuting attorney as shall be allowed by the court in which such order of sale is made, shall be…

470.220. State treasurer to keep record. — The state treasurer shall keep just and accurate account of all money paid into the state treasury, all land vested in the state pursuant to sections 470.010 to 470.220, and all proceeds received from the sale of such land. ­­-------- (R…

470.270. Money or effects involved in litigation — disposition — unclaimed property, state may bring action to recover, when, exceptions. — After the owner, his or her assignee, personal representative, grantee, heirs, devisees or other successors, entitled to any moneys, refund …

471.010. No sufficient evidence of survivorship. — Where the title to property or the devolution thereof depends upon priority of death and there is no sufficient evidence that the persons have died otherwise than simultaneously, as determined by a court of competent jurisdiction…

471.020. Survival of beneficiaries. — If property is so disposed of that the right of a beneficiary to succeed to any interest therein is conditional upon his surviving another person, and both persons die, and there is no sufficient evidence that the two have died otherwise than…

471.030. Joint tenants or tenants by entirety. — Where there is no sufficient evidence that two joint tenants or tenants by the entirety have died otherwise than simultaneously the property so held shall be distributed one-half as if one had survived and one-half as if the other …

471.040. Insurance policies. — Where the insured and the beneficiary in a policy of life or accident insurance have died and there is no sufficient evidence that they have died otherwise than simultaneously the proceeds of the policy shall be distributed as if the insured had sur…