☰ Revisor of Missouri

Title XXVI TRADE AND COMMERCE

Chapter 402

Effective - 28 Aug 2011 bottom

  402.205.  Withdrawal from trust account, when — revocation or termination of trust, when, distribution — trust principal and income held for benefit of beneficiary. — 1.  The settlor of a revocable third party trust account or the cotrustee of a revocable third party trust account if authorized by the settlor in the trust documents, upon written notice to the board and with the board's consent may, from time to time, withdraw such part of the trust account as the settlor or such authorized cotrustee may determine; provided, however, neither the settlor nor such authorized cotrustee may withdraw an amount that when aggregated with all withdrawals within the prior twelve months shall reduce the remaining principal balance of the trust account below the greater of the amount due the board, if the trust account had terminated at the time of such withdrawal or the minimum amount required by the board, from time to time, for an account.

  2.  The settlor of a revocable third party trust account or the cotrustee of a revocable third party trust account if authorized by the settlor in the trust documents, upon written notice to the board and with the board's consent may revoke and terminate the trust account.  Upon receipt of such notice, the board shall promptly determine the principal balance of the trust account and after payment of all fees and expenses of the board shall distribute:

  (1)  In the case of revocation and termination by the settlor:

  (a)  An amount equal to one hundred percent of the principal balance to the settlor if the beneficiary shall not have received any benefits provided by use of trust account income or principal; or

  (b)  An amount equal to seventy-five percent of the principal balance to the settlor if the beneficiary shall have received any benefits provided by use of trust account income or principal; and

  (c)  Any principal not distributed pursuant to the provisions of paragraph (b) of this subdivision, and any undistributed income to the charitable trust;

  (2)  In the case of revocation and termination by an authorized cotrustee:

  (a)  An amount equal to one hundred percent of the principal balance shall be distributed to the trustees of the standby trust, if the beneficiary shall not have received any benefits provided by use of trust account income or principal, to be held, administered, and distributed in accordance with the provisions of subsection 3 of this section; or

  (b)  An amount equal to seventy-five percent of the then-principal balance shall be distributed to the trustees of the standby trust, if the beneficiary shall have received any benefits provided by use of trust account income or principal, to be held, administered, and distributed in accordance with the provisions of subsection 3 of this section; and

  (c)  Any principal not distributed pursuant to the provisions of paragraph (b) of this subdivision, and any undistributed income shall be distributed to the charitable trust.

  3.  The trustee or trustees of the standby trust shall hold, administer, and distribute the principal and income of the standby trust, in the discretion of such trustee, for the support, health, education, and general well-being of the beneficiary during the beneficiary's life, recognizing that it is the purpose of the standby trust to supplement, not replace, any government benefits for the beneficiary's basic support to which such beneficiary may be entitled and to increase the quality of such beneficiary's life by providing the beneficiary those amenities which cannot otherwise be provided by public assistance or entitlements or other available sources.  Permissible expenditures include, but are not limited to, those described in subdivision (2) of section 402.206.

­­--------

(L. 1989 H.B. 318 § 2, A.L. 1991 S.B. 311, A.L. 1999 S.B. 211, A.L. 2004 H.B. 923, A.L. 2011 S.B. 70)


---- end of effective   28 Aug 2011 ----

use this link to bookmark section  402.205


Click here for the Reorganization Act of 1974 - or - Concurrent Resolutions Having Force & Effect of Law
In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions End Report

Site changes Pictures Contact

Other Links
Oversight MOLIS Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House

@10:56:05.8 31 :)