456.005. Life insurance trusts. - Missouri Statutes

Life insurance trusts.

456.005. Proceeds of life insurance policies heretofore made payableto a trustee or trustees named as beneficiary or hereafter to be namedbeneficiary under an inter vivos trust shall be paid directly to thetrustee or trustees and held and disposed of by the trustee or trustees asprovided in the trust agreement or declaration of trust in writing made andin existence on the date of death of the insured, whether or not such trustor declaration of trust is amendable or revocable or both, or whether itmay have been amended, and notwithstanding the reservation of any or allrights of ownership under the insurance policy or annuity contract;subject, however, to a valid assignment of any part of the proceeds. It isnot necessary to the validity of such trust agreement or declaration oftrust that it be funded or have a corpus other than the right, which neednot be irrevocable, of the trustee or trustees named therein to receivesuch proceeds as beneficiary. A policy of life insurance or annuitycontract may designate as beneficiary a trustee or trustees named or to benamed by will if the designation is made in accordance with the provisionsof the policy or contract whether or not the will is in existence at thetime of the designation.

(L. 1983 H.B. 117, A.L. 2004 H.B. 1511)

*Transferred 2004; formerly 456.030. No continuity with § 456.030 as repealed by L. 1983 H.B. 117