Bill Text: DE SB248 | 2015-2016 | 148th General Assembly | Draft
Bill Title: An Act To Amend Title 12 Of The Delaware Code Relating To Decedent’s Estates And Fiduciary Relations.
Spectrum: Slight Partisan Bill (Democrat 9-4)
Status: (Passed) 2016-07-29 - Signed by Governor [SB248 Detail]
Download: Delaware-2015-SB248-Draft.html
SPONSOR: |
Sen. Townsend & Rep. B. Short & Rep. M. Smith & Rep. Lynn |
|
Sens. Bonini & Hall-Long; Reps. Bennett, Hensley, Keeley, Paradee, Ramone & Spiegelman |
DELAWARE STATE SENATE 148th GENERAL ASSEMBLY |
SENATE BILL NO. 248 |
AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO DECEDENT'S ESTATES AND FIDUCIARY RELATIONS. |
Section 1.Amend Chapter 33, Title 12 of the Delaware Code by making insertions as shown by underline and deletions as shown by strike through as follows:
§3338 Nonjudicial settlements settlement agreements.
(c) A nonjudicial settlement agreement is valid only to the extent it does not violate a material purpose of the trust and includes terms and conditions that could be properly approved by the Court of Chancery under this title or other applicable law; provided, however, that this subsection (c) shall not apply in cases where the trustor is a party to the nonjudicial settlement agreement.
§3342 Modification of Trust by Consent While Trustor is Living.
(d) This section shall be available to any trust that is administered under the laws of this State.
Section 2.This Act shall be effective upon enactment and shall apply to trusts whenever created.
SYNOPSIS
This Act adds a new Section 3342 to Title 12 authorizing trust modifications upon consent or non-objection of the trustor, all fiduciaries, and all beneficiaries. |
Author: Senator Townsend