MO SB500

Defines "qualified spousal trust" as a trust created by husband and wife allowing property to be held in one trust, two separate shares, or under combined terms during their joint lives, with each settlor able to receive distributions and revoke their interest.

Property held as tenants by the entirety or joint tenants transferred to a qualified spousal trust retains immunity from separate creditors' claims as long as both settlors remain alive and married and property stays in the trust.

Allows enforcement of mediation or arbitration provisions in trust instruments except for disputes relating to trust validity, which require consent of all interested persons.

Permits interested persons to file a petition for court determination of whether a motion or claim would trigger a no-contest clause in an irrevocable trust, with court considering clause text and trust context before any evidence is taken.

Applies the same no-contest clause petition procedure to wills as to trusts, allowing interested persons to obtain advance court rulings on whether proposed claims would forfeit their benefits under the will.