Bill > HB3246

This bill modifies Missouri's Principal and Income Act to align with the latest version of the Uniform Fiduciary Income and Principal Act, which provides updated guidelines for how fiduciaries, such as trustees or executors, should manage and distribute assets from estates and trusts. Key provisions include clarifying definitions for terms like "fiduciary," "income," and "principal," establishing rules for allocating receipts and disbursements between income and principal, and introducing updated provisions for unitrusts (a type of trust that distributes a fixed percentage of its value annually). The bill also addresses specific situations like distributions from entities, dealings with minerals and timber, and the tax implications of fiduciary decisions, aiming to provide clearer and more consistent guidance for managing trust and estate assets while ensuring fairness to all beneficiaries.

https://house.mo.gov/Bill.aspx?bill=HB3246&year=2026&code=R