Bill > HB103

This bill amends several sections of Delaware's legal code related to trusts and estates, focusing primarily on clarifying definitions and expanding provisions for purpose trusts. The bill updates the definition of "fiduciary" and "nonfiduciary" in § 3301 to explicitly include and clarify the status of enforcers of purpose trusts, specifying whether they are acting in a fiduciary capacity. In § 3556, the bill provides new detailed provisions for trusts with noncharitable purposes, including rules about enforcers, their jurisdiction, and their ability to modify or settle trust terms. The bill also expands the definition of "trustee" in § 3580 to include enforcers, and makes modifications to the rules about marital property in § 1513, particularly regarding gifts in trust. Notably, the bill adds new provisions that allow purpose trusts (trusts created for a specific purpose rather than for identifiable beneficiaries) to have more flexibility in enforcement and modification, including allowing enforcers to have exclusive standing to enforce trust terms and permitting trust modifications without traditional beneficiary consent. The bill is immediately effective and applies to all trusts, regardless of when they were created.

Business and Industry

https://legis.delaware.gov/BillDetail?LegislationId=142022