Difference between revisions of "Trusts in Missouri"
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==Overview== | ==Overview== | ||
| + | Missouri has adopted its own version of the Uniform Trust Code. [http://revisor.mo.gov/main/OneChapter.aspx?chapter=456] | ||
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| + | ==Certifications of Trust== | ||
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| + | See [[Certifications of Trust in Missouri]] | ||
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| + | ==Delegation of Fiduciary Duty== | ||
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| + | A fiduciary duty as trustee may be delegated in Missouri, but careful attention should be paid the documents being used (POA, Trust, etc.) and the language of the statute. The standard is the Prudent Investor Standard. | ||
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| + | ==Failure to Name Trustee== | ||
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| + | "...an otherwise valid trust will not be permitted to fail for want of a trustee. <u>First Nat. Bank of Kansas City v. Jacques</u>, 470 S.W.2d 557, 560 (Mo. 1971) citing <u>Rawlings v. Rawlings</u>, 332 Mo. 503, 58 S.W.2d 735; 90 C.J.S. Trusts s 211. | ||
==Self-Dealing== | ==Self-Dealing== | ||
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There is no specific statutory provision regarding self-dealing in Missouri, but it always good practice to get the beneficiaries to sign off on any transaction that involves possible self-dealing by the trustee. | There is no specific statutory provision regarding self-dealing in Missouri, but it always good practice to get the beneficiaries to sign off on any transaction that involves possible self-dealing by the trustee. | ||
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Latest revision as of 06:04, 6 November 2019
Contents
Overview
Missouri has adopted its own version of the Uniform Trust Code. [1]
Certifications of Trust
See Certifications of Trust in Missouri
Delegation of Fiduciary Duty
A fiduciary duty as trustee may be delegated in Missouri, but careful attention should be paid the documents being used (POA, Trust, etc.) and the language of the statute. The standard is the Prudent Investor Standard.
Failure to Name Trustee
"...an otherwise valid trust will not be permitted to fail for want of a trustee. First Nat. Bank of Kansas City v. Jacques, 470 S.W.2d 557, 560 (Mo. 1971) citing Rawlings v. Rawlings, 332 Mo. 503, 58 S.W.2d 735; 90 C.J.S. Trusts s 211.
Self-Dealing
There is no specific statutory provision regarding self-dealing in Missouri, but it always good practice to get the beneficiaries to sign off on any transaction that involves possible self-dealing by the trustee.
