456.8-813. Duty to inform and report--inapplicable, when. - Missouri Statutes

Duty to inform and report--inapplicable, when.

456.8-813. 1. (1) A trustee shall keep the qualified beneficiariesof the trust reasonably informed about the administration of the trust andof the material facts necessary for them to protect their interests. Atrustee shall be presumed to have fulfilled this duty if the trusteecomplies with the notice and information requirements prescribed insubsections 2 to 7 of this section.

(2) Unless unreasonable under the circumstances, a trustee shallpromptly respond to a beneficiary's request for information related to theadministration of the trust.

2. A trustee:

(1) upon request of a beneficiary, shall promptly furnish to thebeneficiary a copy of the trust instrument;

(2) within 60 days after accepting a trusteeship, shall notify thequalified beneficiaries of the acceptance and of the trustee's name,address, and telephone number;

(3) within sixty days after the date the trustee acquires knowledgeof the creation of an irrevocable trust, or the date the trustee acquiresknowledge that a formerly revocable trust has become irrevocable, whetherby the death of the settlor or otherwise, shall notify the qualifiedbeneficiaries of the trust's existence, of the identity of the settlor orsettlors, of the right to request a copy of the trust instrument, and ofthe right to a trustee's report as provided in subsection 3 of thissection; and

(4) shall notify the qualified beneficiaries in advance of any changein the method or rate of the trustee's compensation.

3. A trustee shall send to the permissible distributees of trustincome or principal, and to other beneficiaries who request it, at leastannually and at the termination of the trust, a report of the trustproperty, liabilities, receipts, and disbursements, including the sourceand amount of the trustee's compensation, a listing of the trust assetsand, if feasible, their respective market values. Upon a vacancy in atrusteeship, unless a cotrustee remains in office, a report must be sent tothe qualified beneficiaries by the former trustee. A personalrepresentative, conservator, or guardian may send the qualifiedbeneficiaries a report on behalf of a deceased or incapacitated trustee.

4. A beneficiary may waive the right to a trustee's report or otherinformation otherwise required to be furnished under this section. Abeneficiary, with respect to future reports and other information, maywithdraw a waiver previously given.

5. A trustee may charge a reasonable fee to a beneficiary forproviding information under this section.

6. The request of any beneficiary for information under any provisionof this section shall be with respect to a single trust that issufficiently identified to enable the trustee to locate the records of thetrust.

7. If the trustee is bound by any confidentiality restrictions withrespect to an asset of a trust, any beneficiary who is eligible to receiveinformation pursuant to this section about such asset shall agree to bebound by the confidentiality restrictions that bind the trustee beforereceiving such information from the trustee.

8. This section does not apply to a trust created under a trustinstrument that became irrevocable before January 1, 2005, and the law ineffect prior to January 1, 2005, regarding the subject matter of thissection shall continue to apply to those trusts.

(L. 2004 H.B. 1511, A.L. 2006 S.B. 892)