Section 2.54 Necessity for, Form of, and Period Covered by Final Account—Due From and to Whom?

• Library: Trusts and Powers 2013 Supp

a. (§2.54) Necessity for, Form of, and Period Covered by Final Account—Due From and to Whom?

Whether a trusteeship becomes vacant by resignation, death, removal for disqualification, or breach of trust, or for no cause at all, a final accounting may be due. Section 456.8-813.3, RSMo Supp. 2005, requires the trustee to send a report to the “permissible distributees”—defined in § 456.1-103(14), RSMo Supp. 2005—and to other beneficiaries who request it. If the vacancy occurred because of the prior trustee’s death or incapacity, the prior trustee’s personal representative, conservator, or guardian may provide a report. Upon a vacancy in a trusteeship, unless a cotrustee remains in
office, the former trustee must send a report to the “qualified beneficiaries” and other beneficiaries who request it.
The form of the account should include at least the
same information as is required for annual reports per § 456.8-813.3. If there have been no prior accountings binding on the persons to whom a final account is due, the final account must cover the period from the inception of the trust. Engelsmann v. Holekamp, 402 S.W.2d 382 (Mo. 1966). If there had been prior accountings, only the...