Bill > HB174

This bill modifies Missouri law regarding the principal place of administration for trusts, providing clearer guidelines for how and when trustees can transfer a trust's administrative location. The bill establishes that a trust's designated principal place of administration is valid if a trustee either lives in or has their principal place of business in that jurisdiction, or if part of the trust's administration occurs there. Trustees are now allowed to transfer a trust's principal place of administration to another state or international jurisdiction, provided the transfer is appropriate for the trust's purposes and beneficiaries' interests. The bill requires trustees to provide at least 60 days' notice to qualified beneficiaries before transferring the trust's administration, with the notice including specific details such as the new location, contact information, reasons for transfer, and a potential warning about how the transfer might change governing law and affect beneficiaries' rights. If a qualified beneficiary objects to the proposed transfer within the specified timeframe, the trustee cannot proceed without a court order. The bill also allows trustees to transfer trust property to a successor trustee as part of the administrative location change.

https://house.mo.gov/Bill.aspx?bill=HB174&year=2025&code=R