Amendments to Delaware Court of Chancery Rules

The Chancellor signed amendments to the Delaware Chancery Court Rules on April 12, 2012. The amendments change the court’s consent petitions for trusts, requiring longer petitions with more detailed and stringent due diligence process in the preparation. The rules require that the petitions address new matters concerning the trust that were not previously required.

If the trustor of a trust is living, his or her consent must be included among the consents that are required as Exhibits to the petition. Any petition that involves an adult beneficiary virtually representing another beneficiary under Section 3547 must give a detailed account of how the consents were obtained. The petition also requires a Delaware attorney to certify three requirements to the best of their knowledge.

Please click here to view the new rules.