Missouri Laws 456.4-410 – Modification or termination of trust — proceedings for approval or disapproval
1. In addition to the methods of termination prescribed by sections 456.4-411A to 456.4-414, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved, or the purposes of the trust have become unlawful, contrary to public policy, or impossible to achieve.
2. A proceeding to approve or disapprove a proposed modification or termination under sections 456.4-411A to 456.4-416, or trust combination or division under section 456.4-417, may be commenced by a trustee or beneficiary, and a proceeding to approve or disapprove a proposed modification or termination under section 456.4-411A may be commenced by the settlor. The settlor of a charitable trust may maintain a proceeding to modify the trust under section 456.4-413.
Terms Used In Missouri Laws 456.4-410
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.