Truly Agreed, 2016

redbar

View proposed language

SS HCS HB 1765, 2016    (New Section - as Truly Agreed)    

456.1055. To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke, or amend a trust, makes an ineffective appointment:
     (1) The gift-in-default clause controls the disposition of the ineffectively appointed property; or
     (2) If there is no gift-in-default clause or to the extent the clause is ineffective, the ineffectively appointed property:
     (a) Passes to the powerholder if the powerholder is a permissible appointee and living; or
     (b) If the powerholder is an impermissible appointee or deceased, passes to the powerholder's estate if the estate is a permissible appointee; or
     (c) If there is no taker under paragraphs (a) or (b) of this subdivision, passes under a reversionary interest to the donor or the donor's transferee or successor in interest.


Top

bottom Missouri General Assembly

Copyright © Missouri Legislature, all rights reserved.