456.8-817. Distribution upon termination. - Missouri Statutes

Distribution upon termination.

456.8-817. 1. Upon termination or partial termination of a trust,the trustee may send to the beneficiaries a proposal for distribution. Theright of any beneficiary to object to the proposed distribution terminatesif the beneficiary does not notify the trustee of an objection withinthirty days after the proposal was sent but only if the proposal informedthe beneficiary of the right to object and of the time allowed forobjection.

2. Upon the occurrence of an event terminating or partiallyterminating a trust, the trustee shall proceed expeditiously to distributethe trust property to the persons entitled to it, subject to the right ofthe trustee to retain a reasonable reserve for the payment of debts,expenses, and taxes.

3. A release by a beneficiary of a trustee from liability for breachof trust is invalid to the extent:

(1) it was induced by improper conduct of the trustee; or

(2) the beneficiary, at the time of the release, did not know of thebeneficiary's rights or of the material facts relating to the breach.

(L. 2004 H.B. 1511)

Effective 1-01-05