DE HB334 | 2019-2020 | 150th General Assembly

Status

Spectrum: Slight Partisan Bill (Democrat 8-4)
Status: Introduced on May 22 2020 - 25% progression
Action: 2020-05-22 - Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
Pending: House Economic Development/Banking/Insurance & Commerce Committee
Text: Latest bill text (Draft #1) [HTML]

Summary

Section 1 of the Act addresses statutes under Chapter 33 of Title 12 and (i) amends section 3330 by adding subsections (c) and (d)to make explicit in subsection (a) of section 3330 the applicability dates that were intended to be carried over from the applicability dates of the pre-2018 version of section 213 of Title 12 when, in 2018, section 213 was re-codified as subsection (a) of section 3330, and to provide a corresponding clarification of the applicability dates of subsection (b) of section 3330; (ii) amends section 3338 to specify that, consistent with the Uniform Trust Code, when a trustor is a party to a nonjudicial settlement agreement, then unless the transfer in trust is an incomplete gift for federal gift tax purposes, the trustor may not represent and bind any beneficiary other than the trustor, andif the nonjudicial settlement agreement alters any beneficial interest in the trustall of the trusts beneficiaries must be parties to the agreement; (iii) amends section 3342 to parallel the changes to section 3338 under this Actthat is, to specify that, consistent with the Uniform Trust Code, unless the transfer in trust is an incomplete gift for federal gift tax purposes, a trustor, a guardian of a trustor, or an agent of a trustor under a power of attorney may not represent and bind any beneficiary other than the trustor with respect to a modification under section 3342, and to make it more clear that all of the trusts beneficiaries must be parties to the modification; and (iv) amends the provisions of section 3343, to make subsection (a) more clear, to make section 3343s provisions with respect to section 3313A more clear, to add within new subsection (c)(2) of section 3343 a provision allowing a trustee now excluded from exercising certain powers to be released with respect to the past exercise of such powers as though such trustee were being removed, and by adding a provision to section 3343 that an existing trustee is entitled to 30 days notice before changes under section 3343 become effective with respect to the existing trustees duties, unless the existing trustee waives the notice period.

Tracking Information

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Title

An Act To Amend Title 12 Of The Delaware Code Relating To Decedents Estates And Fiduciary Relations.

Sponsors


History

DateChamberAction
2020-05-22 Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House

Delaware State Sources


Bill Comments

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