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Committee hears bill to modernize trust law and define digital assets (HB608)
Summary
Representative Terry Thompson and estate-and-trust advocates urged adoption of the Uniform Fiduciary Income and Principal Act (House Bill 608) to give fiduciaries more flexibility and to address modern assets such as cryptocurrency; proponents said similar reforms have passed in other states.
Representative Terry Thompson introduced House Bill 608, the Uniform Fiduciary Income and Principal Act, telling the Missouri House Committee on Financial Institutions the measure would modernize how fiduciaries allocate income and principal and give trustees greater flexibility.
"I'm going to use that word flexibility," Thompson said, repeatedly urging that the bill allows trusts to be tailored to clients’ needs and to respond to changes in tax law and portfolio theory. Thompson said similar bills have passed committee…
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