October 1, 2021 – Articles
Trust Administration Update - Delaware Designated Representatives: Statutory Update
Delaware Banker Magazine, Vol. 17, No. 4
Since its enactment, 12 Del. C. Section 3339 has permitted the appointment of a designated representative to represent and bind a trust beneficiary in any judicial proceeding or nonjudicial matter affecting the beneficiary's interest in the trust. Although often used in tandem with 12 Del. C. Section 3303, the so-called "silent trust statute" which allows a trust instrument to vary or eliminate a beneficiary's right to be informed for a period of time, Delaware's recently amended statutory framework regarding designated representatives creates maximum flexibility in the administration of both "silent" and "non-silent" trusts.