Section 456.6-602

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 456

Effective - 01 Jan 2005, see footnote   

  456.6-602.  Revocation or amendment of revocable trust. — 1.  Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust.  This subsection does not apply to a trust created under an instrument executed before January 1, 2005.

  2.  If a revocable trust is created or funded by more than one settlor:

  (1)  to the extent the trust consists of community property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses; and

  (2)  to the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution.

  3.  The settlor may revoke or amend a revocable trust:

  (1)  if the terms of the trust provide a method of amendment or revocation, by substantially complying with any method provided in the terms of the trust; or

  (2)  if the terms of the trust do not provide a method, by any other method manifesting clear and convincing evidence of the settlor's intent, including the terms of a later duly probated will or codicil that identify the trust being revoked or the trust terms being amended.

  4.  Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.

  5.  A settlor's powers with respect to revocation, amendment, or distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the trust or the power.

  6.  A conservator of the settlor or, if no conservator has been appointed, a conservator ad litem of the settlor may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only with the approval of the court supervising the conservator or the conservator ad litem.

  7.  A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked.

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(L. 2004 H.B. 1511)

Effective 1-01-05