Senator Keaveny Pre-files Legislation Dealing with Trust and Estate Law

Senator Keaveny Pre-files Legislation Dealing with Trust and Estate Law

JEFFERSON CITY — State Sen. Joseph Keaveny, D-St. Louis, joined his colleagues in the Senate in pre-filing legislation for the upcoming 2016 session. Senator Keaveny filed several pieces of legislation, including Senate Bill 577, relating to trusts and probate courts.

 “This non-partisan legislation modifies statutes pertaining to multiple facets of trust and probate, updating an area of law that is essential to all Missourians. When a person dies, their families can face more grief as they go through the court system and this legislation will protect a person’s assets and save their family additional heartache, relative to trusts and estates,” Sen. Keaveny said.

If passed, Senate Bill 577 will:

• Provide that the attorney-in-fact shall be liable if they engage in willful misconduct.

• Mandate that when a non-charitable irrevocable trust is modified or terminated, a beneficiary may be represented in such non-judicial proceedings by a qualified beneficiary who has nearly identical interests.

• Allow a court to modify or terminate all non-charitable irrevocable trusts, meeting certain conditions.

• Allow for the court to remove and replace trustees under special conditions; and

• Mandate that the Principal and Income Act applies to every trust or decedents’ estate existing on or after August 28, 2001, rather than solely to those trusts or decedents’ estates existing on August 28, 2001.

For more information on Sen. Keaveny’s sponsored legislation, visit his official Missouri Senate website atwww.senate.mo.gov/keaveny.