Section 456.4-413 – Cy pres.
Effective – 01 Jan 2005 456.4-413. Cy pres. — 1. Except as otherwise provided in subsection 2 of this section, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful: (1) the trust does not fail, in whole or in part; (2) the trust property does not revert to the settlor or […]
Section 456.4-414 – Modification or termination of uneconomic trust.
Effective – 28 Aug 2018, 2 histories 456.4-414. Modification or termination of uneconomic trust. — 1. After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than two hundred fifty thousand dollars may terminate the trust if the trustee concludes that the value of the […]
Section 456.4-415 – Reformation to correct mistakes.
Effective – 01 Jan 2005 456.4-415. Reformation to correct mistakes. — The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor’s intention if it is proved by clear and convincing evidence that both the settlor’s intent and the terms of the trust were affected by a […]
Section 456.4-416 – Modification to achieve settlor’s tax objectives.
Effective – 01 Jan 2005 456.4-416. Modification to achieve settlor’s tax objectives. — To achieve the settlor’s tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor’s probable intention. The court may provide that the modification has retroactive effect. ——– (L. 2004 H.B. 1511) […]
Section 456.4-404 – Trust purposes.
Effective – 01 Jan 2005 456.4-404. Trust purposes. — A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. A trust and its terms must be for the benefit of its beneficiaries. ——– (L. 2004 H.B. 1511) Effective 1-01-05
Section 456.4-405 – Charitable purposes — enforcement.
Effective – 01 Jan 2005 456.4-405. Charitable purposes — enforcement. — 1. A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to the community. 2. If the terms of a […]
Section 456.4-406 – Creation of trust induced by fraud, duress, or undue influence.
Effective – 01 Jan 2005 456.4-406. Creation of trust induced by fraud, duress, or undue influence. — A trust is void to the extent its creation was induced by fraud, duress, or undue influence. ——– (L. 2004 H.B. 1511) Effective 1-01-05
Section 456.4-407 – Evidence of oral trust.
Effective – 01 Jan 2005 456.4-407. Evidence of oral trust. — 1. Except as provided in subsection 2 of this section, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence. 2. Other than for a […]
Section 456.4-401 – Methods of creating trust.
Effective – 28 Aug 2006 456.4-401. Methods of creating trust. — A trust may be created by: (1) transfer of property to another person as trustee during the settlor’s lifetime or by will or other disposition taking effect upon the settlor’s death; (2) declaration by the owner of property that the owner holds identifiable property […]
Section 456.4-402 – Requirements for creation.
Effective – 28 Aug 2006 456.4-402. Requirements for creation. — 1. Other than for a trust created by section 475.092, 475.093, or 511.030, or 42 U.S.C. Section 1396p(d)(4), a trust is created only if: (1) the settlor has capacity to create a trust; (2) the settlor indicates an intention to create the trust; (3) the […]