Trust Act 2013 Changes to the Delaware Code
On August 6, 2013, Delaware Governor Jack Markell signed Trust Act 2013 into law, effective immediately upon signing. Trust Act 2013 provides advancements in Delaware trust law that will provide settlors, beneficiaries and fiduciaries of trusts with more tools and greater flexibility to accomplish their various objectives including, most importantly, a statute that permits the use of “nonjudicial settlement agreements” in Delaware.
The Morris Nichols’ Trusts, Estates and Tax Group is pleased to share our annual Delaware legislative update with you. This Alert addresses certain material changes in the law concerning trusts and estates in the State of Delaware.
Click here to download Morris Nichols analysis of the changes to the Delaware Code.