This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0537 - Changes effective date of durable power of attorney laws from '97; provides for payment of trustees
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 2535-01
BILL NO. Truly Agreed To and Finally Passed SB 537
SUBJECT: Durable Power of Attorney Laws
TYPE: Original
DATE: April 21, 1998
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS Net Effect on All State Funds
FUND AFFECTED
FY 1999
FY 2000
FY 2001 None
Total Estimated
$0
$0
$0
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| None | |||
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
Officials from the Office of State Courts Administrator, the Office of the Attorney General, the Department of Social Services, the Department of Mental Health, and the Department of Revenue assume the proposed legislation would have no fiscal impact on their agencies.
| FISCAL IMPACT - State Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| $0 | $0 | $0 | |
| FISCAL IMPACT - Local Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| $0 | $0 | $0 | |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
The proposal would establish an effective date of August 28, 1997 for the amendments to the durable power of attorney law of Missouri enacted in 1997. An exception would be made for powers of attorney executed prior to January 1, 1999. In those cases, the laws in effect prior to August 28, 1997, would apply if such prior laws were more favorable to construing said powers of attorney to be durable or grant a power sought to be exercised by the attorney-in-fact. Additionally, the proposal would provide that a trustee would be entitled to reasonable compensation for services. This could include fees that take into account the administration of both income and principal. This provision would apply to all testamentary and inter-vivos trusts upon and after the effective date of this section. It would not apply to the extent of any inconsistency between the provisions of the proposal and the provisions of the will or
trust instrument.
DESCRIPTION (continued)
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Office of State Courts Administrator
Office of the Attorney General
Department of Social Services
Department of Mental Health
Department of Revenue
Jeanne Jarrett, CPA
Director
April 21, 1998