MO HB398

Allows attorneys in fact under powers of attorney to execute, amend, or revoke trust agreements and fund non-principal trusts when expressly authorized, or automatically when a power of attorney grants general powers and the trust instrument itself authorizes such actions.

Expands attorney in fact authority to make anatomical gifts, exercise rights of sepulcher over the principal's body, and execute do-not-resuscitate orders when expressly authorized in the power of attorney.

Extends the timeframe for trustees to notify qualified beneficiaries of trust acceptance and creation from 60 days to 120 days, and revises provisions governing trustee reporting requirements and beneficiary information requests.

Modifies unitrust calculation methods to use a rolling average of the prior 12 accounting quarters rather than a two-year average, and allows trustees discretion in selecting between calculation methods for trusts created before August 28, 2011.

Clarifies income allocation rules for retirement plan and deferred compensation distributions to trusts, including special provisions for QTIP and marital deduction trusts, and adjusts how trustees pay taxes based on whether receipts are allocated to income or principal.