Senator Keaveny Pre-files Uniform Powers of Appointment Act

Senator Keaveny Pre-files Uniform
Powers of Appointment Act

JEFFERSON CITY — State Sen. Joseph Keaveny, D-St. Louis, has pre-filed legislation for the 2016 session regarding uniform powers of appointment in Missouri.

Senate Bill 576 was filed because currently very little statutory law exists regulating powers of appointment. This important tool is used by estate planning attorneys to allow beneficiaries to direct the distribution of funds and also allows them to include, or exclude, assets in either the settlors’ or the beneficiaries’ taxable estates.

“The Missouri Uniform Powers of Appointment Act will provide statutory guidance pertaining to an area of Missouri law that is currently inadequate,” Sen. Keaveny said. “Adoption of a uniform act will provide more consistency from state to state regarding this area of the law.”

Senator Keaveny worked with The Missouri Bar on this legislative effort.

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