DE HB72 | 2019-2020 | 150th General Assembly
Status
Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Passed on June 19 2019 - 100% progression
Action: 2019-06-19 - Signed by Governor
Text: Latest bill text (Engrossed) [HTML]
Spectrum: Bipartisan Bill
Status: Passed on June 19 2019 - 100% progression
Action: 2019-06-19 - Signed by Governor
Text: Latest bill text (Engrossed) [HTML]
Summary
Section 1 of the Act addresses statutes under Chapter 33 of Title 12 and (i) clarifies the definition of governing instrument in section 3301(e) to include cross-references to new section 3343; (ii) adds a definition of published fee schedule to section 3301(h) as a cross-reference to the schedule or formula required by section 3561 to be filed periodically with the Court of Chancery; (iii) clarifies that section 3303(a) permits a trustor within a governing instrument to vary laws concerning the terms of powers of appointment over trust property; (iv) revises section 3322 regarding the appointment of agents by fiduciaries and the delegation of trust powers to provide that the standard of care applicable to a fiduciary when performing duties delegated to an agent shall apply to the fiduciary when selecting and monitoring the agent (and not to the agent), and to permit trust beneficiaries to release the fiduciary from liability for future conduct in monitoring agentsall to correct inconsistencies and conform the law to prevailing practice; (v) clarifies that under subsection 28 of section 3325 (which already permits a division of a trust for any reason), division along family lines is permitted; (vi) clarifies that under section 3338, the requirement for holders of powers to join in nonjudicial settlement agreements includes both those who hold powers of appointment and those who hold powers to remove or appoint fiduciaries or nonfiduciaries; (vii) clarifies that section 3341s provisions regarding the consequences of a merger also apply in the case of trust decantings under section 3328 where a new trust is not created; (viii) clarifies section 3342 (merely by setting off an existing phrase with dashes) that modification with the trustors consent is permitted so long as the provisions as modified could have been included in the trusts governing instrument if the trust were created on the date of the modification; (ix) adds a new section 3343 providing that where a governing instrument authorizes appointment of a successor trustee, multiple trustees may be appointed and fiduciary duties may be allocated among them; and (x) adds a new section 3344 providing that with respect to grantor trusts under the Internal Revenue Code, certain trustees are deemed to have discretion to reimburse a trustor (i.e., the grantor) of such a trust for that trustors income tax liabilities attributable to that trustbut without making the trustor a beneficiary of the trust, and not if the provisions of this section would reduce a charitable deduction available to any person for federal or state income or transfer tax purposes.
Title
An Act To Amend Titles 12 And 25 Of The Delaware Code Relating To Decedents Estates And Fiduciary Relations And Property.
Sponsors
Roll Calls
2019-06-13 - House - House Third Reading (Y: 39 N: 0 NV: 0 Abs: 2) [PASS]
2019-06-11 - Senate - Senate Third Reading (Y: 20 N: 0 NV: 0 Abs: 1) [PASS]
2019-03-19 - House - House Third Reading (Y: 40 N: 0 NV: 0 Abs: 1) [PASS]
2019-06-11 - Senate - Senate Third Reading (Y: 20 N: 0 NV: 0 Abs: 1) [PASS]
2019-03-19 - House - House Third Reading (Y: 40 N: 0 NV: 0 Abs: 1) [PASS]
History
Date | Chamber | Action |
---|---|---|
2019-06-19 | Signed by Governor | |
2019-06-13 | Passed By House. Votes: 39 YES 2 ABSENT | |
2019-06-11 | Passed By Senate. Votes: 20 YES 1 ABSENT | |
2019-06-11 | Amendment SA 1 to HB 72 - Passed By Senate. Votes: 20 YES 1 ABSENT | |
2019-03-27 | Reported Out of Committee (Banking, Business & Insurance) in Senate with 1 Favorable, 3 On Its Merits | |
2019-03-19 | Assigned to Banking, Business & Insurance Committee in Senate | |
2019-03-19 | Passed By House. Votes: 40 YES 1 ABSENT | |
2019-03-13 | Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 12 On Its Merits | |
2019-03-08 | Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House |