SB 0163 | Disclaimers of Property Interests |
Sponsor: | Caskey | |||
LR Number: | S0544.01P | Fiscal Note: | 0544-01 | |
Committee: | Financial and Governmental Operations | |||
Last Action: | 04/08/97 - Hearing Conducted H Judiciary Committee | Journal page: | ||
Title: | ||||
Effective Date: | August 28, 1997 | |||
SB 163 - This act creates a new chapter (Chapter 469) relating to disclaimers. The following provisions are included in this act:
Section 456.520, RSMo: A trustee is given the power to divide any trust into separate trusts.
DISCLAIMERS: Any individual who has a property interest may disclaim all or a part of such interest. A disclaimed interest passes directly to the disclaimant's heirs or takers and may not be reached by creditors of the disclaimant (469.010).
A disclaimer is made in writing and must be delivered within 9 months after a transfer is made to the transferor or the transferor's representative (469.020). Acceptance of a transfer precludes any later disclaimer. A disclaimer or acceptance may be made by a person's representative (469.030). Each separate interest in property may be disclaimed or accepted (469.050).
A transfer subject to revocation by the transferor is not a transfer (469.040).
A power over property (ex. power to transfer) is considered an interest in such property (469.060).
A contingent future interest may be disclaimed within 9 months after all beneficiaries of such interest have been identified (469.070).
In the case of a vested interest created by a transfer prior to 1977, such interest is subject to disclaimer for a reasonable time after the disclaimant is aware of the transfer (469.090). In the case of a transfer made after 1976 that creates a vested interest in a person under age 21, such interest is subject to disclaimer within 9 months after such person's 21st birthday (469.100).
This chapter does not limit other property rights under other statutes or common law (469.110) and is effective with respect to any disclaimer made after August 13, 1982 (469.120).
The current section relating to disclaimers, set out in
Section 474.490, RSMo, is repealed.
DENISE GARNIER