New Delaware Laws Relating to Trusts and Durable Powers of Attorney
On July 2, 2010, Delaware Governor Jack Markell signed Trust Act 2010 into law, effective August 1, 2010. The Governor also signed into law a bill that addresses formula clauses in certain wills and trusts of persons dying during 2010. These bills were drafted by committees of the Estates and Trusts Section of the Delaware State Bar Association. Trust Act 2010 provides advancements in Delaware Trust Law that will provide settlors, beneficiaries and fiduciaries of trusts with more tools and greater flexibility to accomplish their objectives, and is applicable to transfers whenever made, trusts whenever created, and actions brought against fiduciaries after the August 1st effective date.
In addition, on August 19, 2010, Governor Markell signed Delaware’s new Durable Personal Powers of Attorney Act into law. This new legislation completely re-writes Delaware’s law governing durable powers of attorney used for personal, non-commercial purposes.
This newsletter will address the material provisions of new legislation affecting trusts and estates in the State of Delaware and is not intended to be a complete discussion of any of the topics addressed herein. If you would like to discuss any of the issues raised in this newsletter in greater detail, please feel free to contact any member of Morris Nichols’ Trusts, Estates and Tax Group.