436.440. Provisions applicable to all preneed trusts. - Missouri Statutes

Provisions applicable to all preneed trusts.

436.440. 1. The provisions of this section shall apply to allpreneed trusts, including trusts established before August 28, 2009.

2. A preneed trustee may delegate to an agent duties and powers thata prudent trustee of comparable skills would reasonably delegate under thecircumstances. The trustee shall exercise reasonable care, skill, andcaution in:

(1) Selecting an agent;

(2) Establishing the scope and terms of the agency, consistent withthe purposes and terms of the trust; and

(3) Periodically reviewing the agent's actions in order to monitorthe agent's performance and compliance with the terms of the agency.

3. In performing a delegated function, an agent owes a duty to thetrust to exercise reasonable care to comply with the terms of the agency.

4. By accepting a delegation of powers or duties from the trustee ofa preneed trust, an agent submits to the jurisdiction of the courts of thisstate.

5. Delegation of duties and powers to an agent shall not relieve thetrustee of any duty or responsibility imposed on the trustee by sections436.400 to 436.520 or the trust agreement.

6. For trusts in existence as of August 28, 2009, it shall bepermissible for those trusts to continue to utilize the services of anindependent financial advisor, if said advisor was in place pursuant tosection 436.031 as of August 28, 2009.

(L. 2009 S.B. 1)