Truly Agreed, 2016

redbar

View Truly Agreed

SS HCS HB 1765, 2016    (New Section - Proposed Language)

456.995. 1. A powerholder may not transfer a power of appointment.
     2. Except as provided in subsection 3 of this section, to the extent a powerholder dies without effectively disclaiming, exercising or releasing a power, the power lapses upon the death of the powerholder.
     3. A general power of appointment may provide that the power shall survive the death of the powerholder in the hands of the powerholder's personal representative. Such provision shall be valid only to the extent the powerholder dies after he or she effectively receives the general power, but within the period for disclaiming the power, and only to the extent the powerholder has not disclaimed, exercised or released the power. Under such circumstances, the personal representative of the powerholder may either exercise the power in favor of the powerholder's estate, if the estate is a permissible appointee, or disclaim the power as provided by section 456.1080.
     (1) If the power is neither exercised nor disclaimed by the powerholder's personal representative as stated, the power shall lapse at the earlier of the end of the period for making a disclaimer under other applicable Missouri laws or the end of the period in which the power is valid under its terms.
     (2) The terms of a general power of appointment providing that "this power of appointment shall survive the death of the powerholder", or words of similar import, shall be sufficient to extend the power after the death of a powerholder in the hands of his or her personal representative in this subsection.
     (3) In addition to the protections otherwise afforded under applicable law, the personal representative shall not be individually liable for his or her actions or inactions under this subsection if he or she does not have actual knowledge of the power and all pertinent circumstances reasonably necessary for him or her to make a determination on the exercise, disclaimer or lapse of the power at least one hundred and twenty days prior to the end of the period for making a disclaimer or the end of the period in which the power is valid under its terms, whichever first occurs. The foregoing exemption from liability shall not apply if the personal representative exercises or disclaims the power or allows the power to lapse in bad faith.


Top

bottom Missouri General Assembly

Copyright © Missouri Legislature, all rights reserved.