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HB 239 - This act modifies laws regarding investments made by personal representatives and conservators of estates. The power of the court to approve investments made by personal representatives of estates without court approval is removed. Unless restricted by a person's will, the personal representative of an estate is required to invest the liquid assets of the estate in accordance with Missouri's prudent investor act, except that investments in obligations guaranteed as to principal and interest by the United States and investments in interest bearing accounts and certificates of deposit insured by the FDIC are considered prudent investments. If the personal representative of the estate delegates investment and management functions, the agent must acknowledge in writing that they are acting as an investment fiduciary on the account. The act eliminates the conservator's statutory authority to sell or exchange investment securities of the estate without court approval. However, without court approval, the conservator is required to invest the liquid assets of the estate in accordance with Missouri's prudent investor act, except that investments in obligations guaranteed as to principal and interest by the United States and investments in interest bearing accounts and certificates of deposit insured by the FDIC are considered prudent investments. If the conservator of the estate delegates investment and management functions, the agent must acknowledge in writing that they are acting as an investment fiduciary on the account. EMILY KALMER
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