MO SB1623

Reduces statute of limitations for fraudulent transfer claims from 4 years to 2 years, and discovery periods from 1 year to 6 months

Requires all trust court records, including inventories, fiduciary reports, petitions, and court orders, to be sealed upon filing and excluded from public record, with access limited to the court, trustor, fiduciaries, beneficiaries, and their attorneys

Expands trustee "decanting" authority to distribute trust assets to second trusts either independently or with court approval, with specific provisions protecting beneficiaries with disabilities and preserving tax-qualified status

Establishes comprehensive framework for trust protectors, trust advisors (investment, distribution, and tax), and family advisors, defining their powers, fiduciary duties, and liability protections

Provides that excluded fiduciaries are not liable for losses resulting from following directions of trust advisors or trust protectors, and relieves them from duties to independently value assets, monitor advisors, or warn beneficiaries about advisor decisions