469.403. Disbursements to or between principal and income, fiduciary's responsibilities. - Missouri Statutes

Disbursements to or between principal and income, fiduciary'sresponsibilities.

469.403. 1. In allocating receipts and disbursements to or betweenprincipal and income, and with respect to any matter within the scope ofsections 469.413 to 469.421, a fiduciary:

(1) Shall administer a trust or estate under the terms of the trustor the will, even if there is a different provision in sections 469.401 to469.467;

(2) May administer a trust or estate by exercising a discretionarypower of administration given to the fiduciary by the terms of the trust orthe will, even if the exercise of the power produces a result differentfrom a result required or permitted by sections 469.401 to 469.467;

(3) Shall administer a trust or estate pursuant to sections 469.401to 469.467 if the terms of the trust or the will do not contain a differentprovision or do not give the fiduciary a discretionary power ofadministration; and

(4) Shall add a receipt or charge a disbursement to principal to theextent that the terms of the trust and sections 469.401 to 469.467 do notprovide a rule for allocating the receipt or disbursement to or betweenprincipal and income.

2. In exercising the power to adjust pursuant to section 469.405 or adiscretionary power of administration regarding a matter within the scopeof sections 469.401 to 469.467, whether granted by the terms of a trust, awill, or sections 469.401 to 469.467, a fiduciary shall administer a trustor estate impartially, based on what is fair and reasonable to all of thebeneficiaries, except to the extent that the terms of the trust or the willclearly manifest an intent that the fiduciary shall or may favor one ormore of the beneficiaries. A determination in accordance with sections469.401 to 469.467 is presumed to be fair and reasonable to all of thebeneficiaries.

(L. 2001 H.B. 241)