HCS SS SCS SB 920 -- MISSOURI UNIFORM TRUST CODE

SPONSOR:  Keaveny (Stevenson)

COMMITTEE ACTION:  Voted "do pass" by the Committee on Judiciary
by a vote of 8 to 6.

This substitute changes the laws regarding the Missouri Uniform
Trust Code.  In its main provisions, the substitute:

(1)  Specifies that a tenancy by the entirety property will
automatically be deemed to be held by a husband and wife as
tenancy by the entirety property if the transfer of a tenancy by
the entirety property to a joint revocable trust created by the
husband and wife is invalidated or the trust is terminated while
the husband and wife are living;

(2)  Allows a trust instrument to appoint a trust protector who
will have the powers and functions conferred upon him or her by
the trust document; and

(3)  Codifies the common law principle that a husband and wife
may devise an estate held as a tenancy by the entirety by a joint
testamentary disposition.

FISCAL NOTE:  No impact on state funds in FY 2011, FY 2012, and
FY 2013.

PROPONENTS:  Supporters say that a trust protector is a third
party that can be called upon to make a change to what is
otherwise a static document.

Testifying for the bill were Senator Keaveny; Scuyler Kurlbaum;
Christopher Dumm; David Klarich; and Michael Magliari, Missouri
Bar Board of Governors.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:15 pm