June 4, 2012
Authored by: Justin Flach and Kathy Sherby
On their way out the door on May 18, 2012, the Missouri Legislature approved S.B. 628, which included a revision to R.S.Mo. 456.8-808 setting forth a first of its kind, comprehensive statute governing the powers, rights and duties of “trust protectors.” Unless derailed by the Governor, this statute would become law on August 28, 2012 and could set an example for other states grappling with the roles trust protectors play within the modern estate planning world.
So what is a “trust protector” anyway? Under the Missouri statute, a trust protector would be someone other than a settlor, trustee, or beneficiary who is given power over the trust by the trust instrument. Trust protectors are used in modern estate plans to provide flexibility in trust administration and can be given any powers set forth in the trust instrument necessary or appropriate to carry out the purposes and intentions of