House Bill 469 Summary

• Repeals and replaces sections 402.199 through 402.220 and related statutes to restructure the Missouri Family Trust framework with nine new sections (402.199 through 402.208)

• Establishes the Missouri Family Trust Board of Trustees as a body corporate and state instrumentality consisting of nine members appointed by the governor with senate confirmation, including three family members of persons with mental illness, three family members of persons with developmental disabilities, and three business professionals

• Creates two types of trust accounts: first-party trust accounts (using beneficiary's own assets) and third-party trust accounts (using assets from others), both administered by the board as trustee with optional co-trustees designated by settlors

• Requires 25% of first-party trust account principal balances to be distributed to a charitable trust upon beneficiary's death, with remaining funds first reimbursing states for medical assistance provided, then distributed to designated remainder beneficiaries

• Authorizes revocable third-party trust accounts that allow settlors to withdraw funds or terminate accounts, with distributions structured to provide 100% of principal to settlors if beneficiary received no benefits, or 75% if benefits were provided