Missouri Laws 475.093 – Court may authorize participation in family trust
1. If the court finds that the establishment of a trust would be in the protectee‘s best interest, the court may authorize the establishment of a trust account for the benefit of a protectee pursuant to sections 402.199 to 402.208, if it finds that the protectee qualifies as a life beneficiary pursuant to subdivision (1) of section 402.200, or the court may authorize the establishment of such trust for the benefit of a protectee pursuant to section 475.092.
2. A trust account established pursuant to sections 402.199 to 402.208 will be in the best interest of the protectee, notwithstanding the fact that a sum not exceeding twenty-five percent of the principal balance as defined in subdivision (9) of section 402.200 will be distributed to the charitable trust of the Missouri family trust as prescribed by section 402.203.
Terms Used In Missouri Laws 475.093
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Protectee: a person for whose estate a conservator or limited conservator has been appointed or with respect to whose estate a transaction has been authorized by the court under section 475. See Missouri Laws 475.010
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC