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 0211 - Establishing and distributing trusts within the Missouri Family Trust
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 1021-03
BILL NO.: Perfected SCS for SB 211
SUBJECT: Disabilities, estates, wills, and trusts.
TYPE: Original
DATE: February 10, 1999
FISCAL SUMMARY
|
ESTIMATED NET EFFECT ON STATE FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| None | |||
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| None | |||
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
The Office of the State Courts Administrator assumes the proposed legislation would have no appreciable impact upon the cost of operating the courts.
The Office of the Attorney General and Department of Mental Health assume the proposed legislation would have no impact on their agencies.
| FISCAL IMPACT - State Government | FY 2000 | FY 2001 | FY 2002 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
| FISCAL IMPACT - Local Government | FY 2000 | FY 2001 | FY 2002 |
| (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
This proposal would reenact sections 473.657 and 475.093, RSMo, regarding the Missouri Family Trust. Section 473.657, RSMo, allows Missouri Family Trust funds to be distributed either to the distributee, to a person holding power of attorney for the distributee, or to the distributee's personal representative, guardian, or conservator. Distribution of trust funds may also be made to the trustee of a trust established pursuant to the Missouri Family Trust law if in the distributee's best interests. Section 475.093, RSMo, allows the court to authorize the establishment of a trust for the benefit of a protectee if the protectee qualifies as a life beneficiary under the Missouri Family Trust law and if it is in the protected's best interests. This trust may be established despite the fact that a sum of up to twenty-five percent of the principal balance will be distributed to the charitable trust as prescribed by Section 402.215, RSMo, of the Missouri Family Trust law.
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 the State Courts Administrator
Office of the Attorney General
Department of Mental Health
Jeanne Jarrett, CPA
Director
February 10, 1999