Section 473.787

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 473

Effective - 28 Aug 2006   

  473.787.  Duties of personal representative in independent administration — attorney required, when. — 1.  While letters testamentary or of administration authorizing independent administration of the estate are in force, the personal representative therein named is an independent personal representative and his administration of the estate is an independent administration, and all actions taken on or after August 28, 1996, shall be in accordance with the provisions of the Missouri prudent investor act, sections 469.900 to 469.913.

  2.  An independent personal representative shall proceed expeditiously with the settlement and distribution of the estate in accordance with the applicable provisions of this chapter and, except as otherwise specified by the provisions of sections 473.780 to 473.843, shall do so without adjudication, order, or direction of the court, but he may invoke the jurisdiction of the court, in proceedings authorized by this code, to resolve questions concerning the estate or its administration or distribution.

  3.  Unless he is a member in good standing of the Missouri bar, an independent personal representative, because he owes a fiduciary duty to the persons interested in the estate, shall secure the advice and services of an attorney, who is not a salaried employee of the personal representative, on legal questions arising in connection with:

  (1)  The application for and issuance of letters testamentary or of administration;

  (2)  The collection, investment and preservation of assets;

  (3)  The inventory;

  (4)  The allowance, disallowance, compromise and payment of claims;

  (5)  The making of tax returns;

  (6)  The transfer and encumbrance of property of the estate;

  (7)  The interpretation of the will and of the intestacy laws;

  (8)  The scheme and making of distribution; and

  (9)  The closing of the estate.

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(L. 1980 S.B. 637, A.L. 1996 H.B. 1432, A.L. 2006 S.B. 892)