Originally posted on bryancavefiduciarylitigation.com.
Effective earlier this month, Delaware once again amended its trust statutes. In what has become an (almost) annual ritual, Delaware has tweaked its trust statutes in an effort to make the state a more appealing jurisdiction for trust administration. A full look at the law is here, but here are some of the highlights:
Children Born Out of Wedlock
Section 1 of the Act amending the trust statutes cross-references the legitimation process elsewhere in the Delaware Code for purposes of intestate succession for persons born out of wedlock.
Definition of “Governing Instrument”
The definition of “governing instrument” now also expressly includes “any instrument that modifies a governing instrument or, in effect, alters the duties and powers of a fiduciary or other terms of a governing instrument.”
No Duty to Inquire to Satisfy Prudent Person Standard
The amendments clarify that a fiduciary has no duty to inquire as to the nature and extent of investments held