HB 239 -- CONSERVATOR'S INVESTMENT IN PROPERTY

SPONSOR:  Jones (89)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Financial Institutions by a vote of 11 to 0.

Currently, a conservator's investment of moneys from an estate in
real or personal property must be authorized by the court.  This
bill allows a conservator to invest the estate's liquid assets
without court authorization or approval unless the court makes a
finding on the record that the investment is not reasonable and
prudent or if it is otherwise restricted or provided by the will
of the decedent.

If an investment advisor is retained by the conservator, the
investment advisor must acknowledge in writing to the conservator
that he or she is acting as an investment fiduciary on the
account.

FISCAL NOTE:  No impact on state funds in FY 2010, FY 2011, and
FY 2012.

PROPONENTS:  Supporters say that the bill is needed to give
greater clarity and direction to conservators of estates when
they are managing assets for a protectee in accordance with the
provisions of the Missouri Prudent Investor Act.

Testifying for the bill were Representative Jones (89); and
Michael Kickham, Financial Planning Association.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:24 am