456.7-704. Vacancy in trusteeship--appointment of successor. - Missouri Statutes

Vacancy in trusteeship--appointment of successor.

456.7-704. 1. A vacancy in a trusteeship occurs if:

(1) a person designated as trustee declines the trusteeship;

(2) a person designated as trustee cannot be identified or does notexist;

(3) a trustee resigns;

(4) a trustee is disqualified or removed;

(5) a trustee dies; or

(6) a guardian or conservator is appointed for an individual servingas trustee.

2. If one or more cotrustees remain in office, a vacancy in atrusteeship need not be filled. A vacancy in a trusteeship must be filledif the trust has no remaining trustee.

3. A vacancy in a trusteeship required to be filled must be filled inthe following order of priority:

(1) by a person designated in or pursuant to the terms of the trustto act as successor trustee;

(2) by a person appointed by a majority in number of the qualifiedbeneficiaries; or

(3) by a person appointed by the court.

4. Whether or not a vacancy in a trusteeship exists or is required tobe filled, the court may appoint an additional trustee or special fiduciarywhenever the court considers the appointment necessary for theadministration of the trust.

(L. 2004 H.B. 1511)

Effective 1-01-05