Effective - 28 Aug 2015, 4 histories
456.950. Definition — property and interests in property, immunity from claims, when — death of settlor, effect of — marital property rights, not affected by transfer — applicability. — 1. As used in this section, "qualified spousal trust" means a trust:
(1) The settlors of which are married to each other at the time of the creation of the trust; and
(2) The terms of which provide that during the joint lives of the settlors all property transferred to, or held by, the trustee are:
(a) Held and administered in one trust for the benefit of both settlors, revocable by either settlor or both settlors while either or both are alive, and each settlor having the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the entire trust for the joint lives of the settlors and for the survivor's life; or
(b) Held and administered in two separate shares of one trust for the benefit of each of the settlors, with the trust revocable by each settlor with respect to that settlor's separate share of that trust without the participation or consent of the other settlor, and each settlor having the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from that settlor's separate share for that settlor's life; or
(c) Held and administered under the terms and conditions contained in paragraphs (a) and (b) of this subdivision.
2. A qualified spousal trust may contain any other trust terms that are not inconsistent with the provisions of this section, including, without limitation, a discretionary power to distribute trust property to a person in addition to a settlor.
3. All property at any time held in a qualified spousal trust, without regard to how such property was titled prior to it being so held, shall have the same immunity from the claims of a separate creditor of either settlor as if such property were held outside the trust by the settlors as tenants by the entirety, unless otherwise provided in writing by the settlor or settlors who transferred such property to the trust, and such property shall be treated for that purpose, including without limitation, federal and state bankruptcy laws, as tenants by entirety property. Property held in a qualified spousal trust shall cease to receive immunity from the claims of creditors upon the dissolution of marriage of the settlors by a court.
4. As used in this section, "property" means any interest in any type of property held in a qualified spousal trust, the income thereon, and any property into which such interest, proceeds, or income may be converted.
5. Upon the death of each settlor, all property held by the trustee of the qualified spousal trust shall be distributed as directed by the then current terms of the governing instrument of such trust. Upon the death of the first settlor to die, if immediately prior to death the predeceased settlor's interest in the qualified spousal trust was then held in such settlor's separate share, the property held in such settlor's separate share may pass into an irrevocable trust for the benefit of the surviving settlor upon such terms as the governing instrument shall direct, including without limitation a spendthrift provision as provided in section 456.5-502.
6. The respective rights of settlors who are married to each other in any property for purposes of a dissolution of the settlors' marriage shall not be affected or changed by reason of the transfer of that property to, or its subsequent administration as an asset of, a qualified spousal trust during the marriage of the settlors, unless both settlors expressly agree otherwise in writing.
7. No transfer to a qualified spousal trust shall avoid or defeat the Missouri uniform fraudulent* transfer act in chapter 428.
8. This section shall apply to all trusts which fulfill the criteria set forth in this section for a qualified spousal trust regardless of whether such trust was created before, on, or after August 28, 2011.
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(L. 2011 S.B. 59 § 1, A.L. 2012 S.B. 628 merged with S.B. 636, A.L. 2014 H.B. 1231 merged with S.B. 500, A.L. 2015 S.B. 164)
*Word "fraudulent" omitted from original rolls.
Structure Missouri Revised Statutes
Title XXXI - Trusts and Estates of Decedents and Persons Under Disability
Chapter 456 - Trusts and Trustees — The Uniform Trust Code
Section 456.001 - Bequests or transfer to spouse, valuation of.
Section 456.003 - Absence of active duties not to curtail powers of trustee.
Section 456.005 - Life insurance trusts.
Section 456.006 - Health savings account, trust may be created, when.
Section 456.007 - Lessor, trustee of deposits by lessee, when — exception.
Section 456.009 - Lessor liable for double amount of deposit so held in trust, when.
Section 456.013 - Trusts for benefit of employees or self-employed persons — accumulation.
Section 456.017 - Applicability of sections 456.011, 456.013, and 456.014.
Section 456.021 - Addition to trusts.
Section 456.026 - Rule against perpetuities, trust subject to, when.
Section 456.027 - Registration of trust.
Section 456.029 - Registration procedure.
Section 456.031 - Records and certified copies.
Section 456.033 - Effect of registration.
Section 456.035 - Evidence as to death or status — five-year absence presumption of death.
Section 456.037 - Trust property — when deemed unclaimed.
Section 456.039 - Procedure by trustee with respect to unclaimed property.
Section 456.041 - Unclaimed property — liability of trustee.
Section 456.970 - Short title.
Section 456.975 - Definitions.
Section 456.980 - Governing Law — common law and principles of equity.
Section 456.985 - Act to govern powers — exceptions.
Section 456.990 - Creations of power of appointment.
Section 456.995 - Nontransferability.
Section 456.1005 - Rules of classification.
Section 456.1010 - Power to revoke or amend.
Section 456.1015 - Requisites for exercise of power of appointment.
Section 456.1020 - Intent to exercise — determining intent from residuary clause.
Section 456.1025 - Intent to exercise — after-acquired power.
Section 456.1030 - Substantial compliance with donor-imposed formal requirement.
Section 456.1035 - Permissible appointment.
Section 456.1040 - Appointment to deceased appointee or permissible appointee's descendant.
Section 456.1045 - Impermissible appointment.
Section 456.1050 - Selective allocation doctrine.
Section 456.1060 - Disposition of unappointed property under released or unexercised general power.
Section 456.1075 - Powerholder's authority to revoke or amend exercise.
Section 456.1080 - Disclaimer.
Section 456.1085 - Authority to release — method of release — revocation or amendment of release.
Section 456.1095 - Remedy for breach of contract to appoint or not to appoint.
Section 456.1100 - Creditor claim — general power created by powerholder.
Section 456.1105 - Creditor claim — general power not created by powerholder.
Section 456.1110 - Power to withdraw.
Section 456.1115 - Creditor claim — nongeneral power.
Section 456.1125 - Uniformity of application and construction.
Section 456.1130 - Relation to Electronic Signatures in Global and National Commerce Act.
Section 456.1135 - Application to existing relationships.
Section 456.1-101 - Short title.
Section 456.1-103 - Definitions.
Section 456.1-104 - Knowledge.
Section 456.1-105 - Default and mandatory rules.
Section 456.1-106 - Common law of trusts — principles of equity.
Section 456.1-107 - Governing law.
Section 456.1-108 - Principal place of administration.
Section 456.1-109 - Methods and waiver of notice.
Section 456.1-110 - Others treated as qualified beneficiaries.
Section 456.1-111 - Nonjudicial settlement agreements.
Section 456.1-112 - Rules of construction — inapplicable to certain trusts.
Section 456.1-113 - Transfer of assets to trust subjects assets to terms of the trust.
Section 456.1-114 - Familial relationships.
Section 456.2-201 - Role of court in administration of trust.
Section 456.2-202 - Jurisdiction over trustee and beneficiary.
Section 456.2-205 - Enforceability of mediation or arbitration provisions.
Section 456.3-301 - Representation, basic effect — prohibited, when.
Section 456.3-302 - Representation by holder of general testamentary power of appointment.
Section 456.3-303 - Representation by fiduciaries and parents.
Section 456.3-304 - Representation by person having substantially identical interest.
Section 456.3-305 - Appointment of representative.
Section 456.4-401 - Methods of creating trust.
Section 456.4-402 - Requirements for creation.
Section 456.4-403 - Trusts created in other jurisdictions.
Section 456.4-404 - Trust purposes.
Section 456.4-405 - Charitable purposes — enforcement.
Section 456.4-406 - Creation of trust induced by fraud, duress, or undue influence.
Section 456.4-407 - Evidence of oral trust.
Section 456.4-408 - Trust for care of animal.
Section 456.4-409 - Noncharitable trust without ascertainable beneficiary.
Section 456.4-410 - Modification or termination of trust — proceedings for approval or disapproval.
Section 456.4-414 - Modification or termination of uneconomic trust.
Section 456.4-415 - Reformation to correct mistakes.
Section 456.4-416 - Modification to achieve settlor's tax objectives.
Section 456.4-417 - Combination and division of trusts.
Section 456.4-420 - No-contest clause, claims for relief.
Section 456.5-501 - Rights of beneficiary's creditor or assignee, exceptions.
Section 456.5-502 - Spendthrift provision.
Section 456.5-503 - Exceptions to spendthrift provision.
Section 456.5-505 - Creditor's claim against settlor.
Section 456.5-506 - Mandatory distribution defined — overdue distribution.
Section 456.5-507 - Personal obligations of trustee.
Section 456.5-508 - Creditor claim, appointive property not subject to, when.
Section 456.6-601 - Capacity of settlor of revocable trust.
Section 456.6-602 - Revocation or amendment of revocable trust.
Section 456.6-603 - Settlor's powers — powers of withdrawal.
Section 456.7-701 - Accepting of declining trusteeship.
Section 456.7-702 - Trustee's bond.
Section 456.7-703 - Cotrustees.
Section 456.7-704 - Vacancy in trusteeship — appointment of successor.
Section 456.7-705 - Resignation of trustee.
Section 456.7-706 - Removal of trustee.
Section 456.7-707 - Delivery of property by former trustee.
Section 456.7-708 - Compensation of trustee.
Section 456.7-709 - Reimbursement of expenses.
Section 456.8-801 - Duty to administer trust.
Section 456.8-802 - Duty of loyalty.
Section 456.8-803 - Impartiality.
Section 456.8-804 - Prudent administration.
Section 456.8-805 - Costs of administration.
Section 456.8-806 - Trustee's skills.
Section 456.8-807 - Delegation by trustee.
Section 456.8-808 - Powers to direct — trust protector, powers, limitations.
Section 456.8-809 - Control and protection of trust property.
Section 456.8-810 - Record keeping and identification of trust property.
Section 456.8-811 - Enforcement and defense of claims.
Section 456.8-812 - Collecting trust property.
Section 456.8-813 - Duty to inform and report — inapplicable, when.
Section 456.8-814 - Discretionary powers — tax savings.
Section 456.8-815 - General powers of trustee.
Section 456.8-816 - Specific powers of trustee.
Section 456.8-817 - Distribution upon termination.
Section 456.10-1001 - Remedies for breach of trust.
Section 456.10-1002 - Damages for breach of trust.
Section 456.10-1003 - Damages in absence of breach.
Section 456.10-1004 - Attorney's fees and costs.
Section 456.10-1005 - Limitation of action against trustee.
Section 456.10-1006 - Reliance on trust instrument.
Section 456.10-1007 - Event affecting administration or distribution.
Section 456.10-1008 - Exculpation of trustee.
Section 456.10-1009 - Beneficiary's consent, release, or ratification.
Section 456.10-1010 - Limitation on personal liability of trustee.
Section 456.10-1011 - Interest as general partner.
Section 456.10-1012 - Protection of person dealing with trustee.
Section 456.10-1013 - Certification of trust.
Section 456.11-1101 - Uniformity of application and construction.
Section 456.11-1102 - Electronic records and signatures.
Section 456.11-1103 - Severability clause.
Section 456.11-1104 - Effective date.
Section 456.11-1106 - Application to existing relationships.