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Delaware Supreme Court Decides Peierls Cases: Initial Law Governing Trust Administration May Change

October 29, 2013

Authors

Luke Lantta

Delaware Supreme Court Decides Peierls Cases: Initial Law Governing Trust Administration May Change

October 29, 2013

by: Luke Lantta

They became known simply as the Peierls cases – the three opinions in which the Delaware Court of Chancery refused to accept jurisdiction over, and then “reform,” thirteen trusts created during the period 1953 through 2005.  None of the trusts was created or settled under Delaware law, and none was ever administered in Delaware.  Understandably, the Court of Chancery’s opinions caused much hand-wringing among Delaware trustees because there seemed to be an almost insurmountable hurdle to moving foreign trusts to Delaware.  At a minimum, they threw a well-established practice for Delaware trustees and practitioners into disarray.  In a series of three opinions addressing the Peierls inter vivos trusts, charitable lead unitrust, and testamentary trusts, the Delaware Supreme Court – while mostly affirming the Court of Chancery’s opinions – gave us a road map for how to bring an out-of-state trust under Delaware law and into Delaware

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How To Create A Trust In Delaware

June 13, 2012

Authors

Luke Lantta

How To Create A Trust In Delaware

June 13, 2012

by: Luke Lantta

Bill and Vieve Gore founded a manufacturing company best known for its GORE-TEX fabric.  Having become considerably wealthy with more wealth anticipated, they undertook efforts to transfer that wealth without incurring significant estate taxes.  Through this process, they signed two separate trust instruments during 1972 – the “May Instrument” and the “October Instrument” – both purporting to transfer the same property into the “Pokeberry Trust.”

One of their daughters claimed that the early May instrument controlled, while the other four children claimed that Bill and Vieve never intended for the May Instrument to be final and enforceable.  Litigation ensued . . .

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Major Changes In Delaware To Consent Petitions To Modify Trusts

April 23, 2012

Authors

Luke Lantta

Major Changes In Delaware To Consent Petitions To Modify Trusts

April 23, 2012

by: Luke Lantta

Effective May 1, 2012, new amendments to the Delaware Chancery Court Rules will materially change the required content of consent petitions to modify trusts.  The official website of the Delaware judiciary describes the amendments as “help[ing] the Court protect trust assets of minor and unborn beneficiaries and ensur[ing] the integrity of the Court in the process of modifying trusts.”

So what’s the big deal?  Let’s see . . .

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