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 […]
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 […]
Effective – 01 Jan 2005 456.4-403. Trusts created in other jurisdictions. — A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed, or the law of the jurisdiction in which, at the time of creation: (1) the settlor was […]
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
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 […]
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
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 […]
Effective – 01 Jan 2005 456.4-408. Trust for care of animal. — 1. A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The trust terminates upon the death of the animal or, if the trust was created to provide for the care of more than one […]
Effective – 01 Jan 2005 456.4-409. Noncharitable trust without ascertainable beneficiary. — Except as otherwise provided in section 456.4-408 or by another statute, the following rules apply: (1) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected […]
Effective – 01 Jan 2005 456.4-410. Modification or termination of trust — proceedings for approval or disapproval. — 1. In addition to the methods of termination prescribed by sections 456.4-411A to 456.4-414, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to […]
Effective – 28 Aug 2016 456.4-411A. Modification or termination of noncharitable irrevocable trust by consent, exceptions. — 1. Except for a trust established by a court under section 475.092, 475.093, 511.030, or 42 U.S.C. Section 1396p(d)(4), a noncharitable irrevocable trust may be modified or terminated upon consent of the settlor and all beneficiaries, without court […]
Effective – 28 Aug 2016, 2 histories 456.4-411B. Modification or termination of noncharitable irrevocable trust by consent — applicability. — 1. When all of the adult beneficiaries having the capacity to contract consent, the court may, upon finding that the interest of any nonconsenting beneficiary will be adequately protected, modify the terms of a noncharitable […]
Effective – 01 Jan 2005 456.4-412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively. — 1. The court may modify the dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To […]
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 […]
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 […]
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 […]
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) […]
Effective – 01 Jan 2005 456.4-417. Combination and division of trusts. — After notice to the qualified beneficiaries, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of […]
Effective – 28 Aug 2009 456.4-418. Distribution of trust income or principal to qualified remainder beneficiary, when — applicability to irrevocable trust, when. — 1. During any period of time that this section applies to an irrevocable trust, the trustee shall have the authority in its discretion to distribute trust income or principal to a […]
Effective – 28 Aug 2022, 2 histories 456.4-419. Distributions of income and principal of first trusts and second trusts, discretionary power of trustee — notice requirements. — 1. Unless the terms of the trust instrument expressly provide otherwise, a trustee, other than a settlor, who has discretionary power under the terms of a trust to […]
