Delaware Laws - Title 12 Decedents' Estates and Fiduciary Relations
CHAPTER 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT
Subchapter I. Definitions and General Principles

Sec. 61-103. Fiduciary duties; general principles. (7193)(1-click HTML)

(a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of subchapters II and III of this chapter, a fiduciary: (7194)

(1) Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this chapter; (7195)

(2) May administer a trust or estate by the exercise of a discretionary power of administration, which shall include a power to allocate between principal and income, given to the fiduciary by the terms of the trust or the will or by local law including, but not limited to, Sec. 3325(23) of this title, even if the exercise of the power produces a result different from a result required or permitted by this chapter; (7196)

(3) Shall administer a trust or estate in accordance with this chapter if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and (7197)

(4) Shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this chapter do not provide a rule for allocating the receipt or disbursement to or between principal and income. (7198)

(b) In exercising the power to adjust under Sec. 61-104(a) of this title or a discretionary power of administration regarding a matter within the scope of this chapter, whether granted by the terms of a trust, a will, or this chapter, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor 1 or more of the beneficiaries. A determination in accordance with this chapter is presumed to be fair and reasonable to all of the beneficiaries. (7199)

(77 Del. Laws, c. 99, Sec. 1; 77 Del. Laws, c. 330, Sec. 20.) (7200)

  

Our Mission
Objective

Our mission is to provide citizens free access to the laws and codes of their state utilizing a unique search engine that matches clients with qualified legal professionals who can help with specific issues.

Our goal is to do this in a manner that promotes open government and freedom of information, while providing attorneys with valuable tools to connect with qualified prospects in need of professional services.

Ignorance Is No Excuse
Your Right To Know The Law

All citizens have a right to have access to the laws that govern them. Citizen awareness and participation in government is fundamental to ensuring a sound democracy.

Although unfettered access to the law is a fundamental right to all citizens, there is no substitute for experienced legal counsel.

We do not recommend self-representation. We do, however, recognize that in an age where people routinely research legal matters online using everything from a smartphone to their xbox, both attorneys and clients alike can benefit from this resource.