456.4A-411. Modification or termination of noncharitable irrevocable trust by consent, exceptions. - Missouri Statutes

Modification or termination of noncharitable irrevocable trust byconsent, exceptions.

456.4A-411. 1. Except for a trust established by a court undersection 475.092, 475.093, 511.030, RSMo, or 42 U.S.C. Section 1396p(d)(4),a noncharitable irrevocable trust may be modified or terminated uponconsent of the settlor and all beneficiaries, without court approval, evenif the modification or termination is inconsistent with a material purposeof the trust. A settlor's power to consent to a trust's termination ormodification may be exercised by an agent under a power of attorney only tothe extent expressly authorized by the power of attorney or the terms ofthe trust; by the settlor's conservator with the approval of the courtsupervising the conservatorship if an agent is not so authorized; or by thesettlor's conservator ad litem with the approval of the court if an agentis not so authorized and a conservator has not been appointed.

2. Upon termination of a trust under subsection 1 of this section,the trustee shall distribute the trust property as agreed by thebeneficiaries.

3. If not all of the beneficiaries consent to a proposed modificationor termination of the trust under subsection 1 of this section, themodification or termination may be approved by the court if the court issatisfied that:

(1) if all of the beneficiaries had consented, the trust could havebeen modified or terminated under subsection 1 of this section; and

(2) the interests of a beneficiary who does not consent will beadequately protected.

(L. 2004 H.B. 1511 § 456.4-411A, A.L. 2006 S.B. 892 § 456.4-411A)