SB1076C-NONPROBATE TRANSFERS
Summary of the House Committee Version of the Bill

HCS SB 1076 -- NONPROBATE TRANSFERS

SPONSOR:  Caskey (Byrd)

COMMITTEE ACTION:  Voted "do pass" by the Committee on Judiciary
by a vote of 15 to 0.

This substitute changes the laws regarding the nonprobate
transfer of assets.  Recipients of a recoverable transfer of a
decedent's property will 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.  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 judgment in a proceeding for an
accounting must take into the account the expenses of the
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 the 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 will be liable to account, and no other recipient may be
joined.

FISCAL NOTE:  No impact on state funds in FY 2005, FY 2006, and
FY 2007.

PROPONENTS:  Supporters say that the bill makes changes to
improve the law regarding nonprobate transfers.

Testifying for the bill were Representative Byrd; Missouri Bar;
and Associate Circuit Judges' Association.

OPPONENTS:  There was no opposition voiced to the committee.

Amy Woods, Legislative Analyst

Copyright (c) Missouri House of Representatives

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Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:16 am