Trusts, Estates & Tax Law
CLIENT ALERT: Merrill Lynch Trust Company, FSB, v. Mary F.C. Campbell, et al., C.A. 1803-VCN, V.C. Noble (Del. Ch. Sept. 2, 2009) (Mem. Op.)
A recent Delaware Court of Chancery opinion has important implications for trustee accounting actions, particularly where the court reviews a trustee’s investment decisions. The opinion places great emphasis on the terms of the trust’s governing instrument in evaluating the trustee’s investment strategy, demonstrates the importance of the factual record in evaluating the potential abuse of trustee discretion, and makes clear that a trustee seeking court approval of its accounting is entitled to have its fees and its attorneys’ fees paid out of the trust when the terms of the governing instrument condition the release of assets to a successor trustee on obtaining an informal release or judicial approval of the account.
Click here to download the Trusts, Estates & Tax Group discussion of the Court's decision. (PDF 392 KB)
CLIENT UPDATE: Developments in Delaware Trusts, Estate & Tax Law, September 2009
On July 6, 2009, Governor Jack Markell signed into law Trust Act 2009 and the Uniform Principal and Income Act, effective August 1, 2009. In early July the Governor also signed into law a bill that reinstated an estate tax in the State of Delaware, effective immediately, and a bill that, among other things, increased filing fees for statutory trusts governed by Chapter 38 of Title 12, effective August 1, 2009.
Click here to download the Trusts, Estates & Tax Group discussion of the 2009 material changes to Title 12 of the Delaware Code. (PDF 342 KB)
For a full listing of Trusts, Estates & Tax Group materials published and available for download, click on the link below:
