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Delaware Laws | Title 12 Decedents' Estates and Fiduciary Relations
Subchapter III. Statutory Forms

(4) the purpose of the power of attorney is fully accomplished; or (7141)

(5) an action is filed with a court for your separation, annulment, or divorce (7142)

from the Principal, unless the Principal otherwise provided in the power of (7143)

attorney that such action will not terminate your authority. (7144)

Liability of Agent (7145)

The meaning of the authority granted to you is defined in the Durable Personal (7146)

Power of Attorney Act, Delaware Code, Title 12, Chapter 49A. If you violate (7147)

the Durable Personal Power of Attorney Act, Delaware Code, Title 12, Chapter (7148)

49A, or act outside the authority granted, you may be liable for any damages (7149)

caused by your violation. (7150)

If there is anything about this document or your powers, authority, or duties (7151)

as Agent that you do not understand, you should seek legal advice. (7152)

I, ________________________, have read the attached durable power (7153)

(Name (Name of Agent) (7154)

of attorney and I am the person identified as the (7155)

Agent for the Principal. To the best of my knowledge this (7156)

power has not been revoked. I hereby acknowledge (7157)

that, in the absence of a specific provision to (7158)

the contrary in the durable power of attorney, when (7159)

I act as Agent: (7160)

I shall exercise the powers for the benefit of the Principal. (7161)

I shall keep the assets of the Principal separate from my assets. (7162)

p0;0 I I shall exercise reasonable caution and prudence. (7163)

I shall keep a full and accurate record of all actions, receipts and (7164)

disbursements on behalf of the Principal. (7165)

I shall, to the extent reasonably practicable under the circumstances, keep in (7166)

regular contact with the Principal and communicate with the Principal. (7167)

______________________________ ______________________________ __ (7168)

Agent Date" Date" Date" Date" Date" te" (7169)

Agent Date" Date" Date" Date" Date" te" (7170)

(77 Del. Laws, c. 467, Sec. 4.) (7171)

TITLE 12 Decedents' Estates and Fiduciary Relations Allocation of Principal and Income (7172)(Text)


Decedents' Estates and Fiduciary Relations Allocation of Principal and Income (7174)

Subchapter I. Definitions and General Principles (7175)(Text)

Sec. 61-101. Short title. (7176)(Text)

Sec. 61-102. Definitions. (7177)(Text)

In this chapter: (7178)

(1) "Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends. (7179)

(2) "Beneficiary" includes, in the case of a decedent's estate, an heir, a next of kin, a legatee and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. (7180)

(3) "Fiduciary" means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function. (7181)

(4) "Income" means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in subchapter IV of this chapter. (7182)

(5) "Income beneficiary" means a person to whom net income of a trust is or may be payable. (7183)

(6) "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. (7184)

(7) "Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. (7185)

(8) "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period. (7186)

(9) "Person" means an individual, corporation, statutory trust, estate, trust, partnership, limited liability company, association, joint venture, government; governmental subdivision, agency, or instrumentality; public corporation, or any other legal or commercial entity. (7187)

(10) "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates. (7188)

(11) "Remainder beneficiary" means a person entitled to receive principal when an income interest ends. (7189)

(12) "Terms of a trust" means the manifestation of the intent of a settlor with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct. The term "settlor" may include a decedent. (7190)

(13) "Trustee" includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court, and an adviser described in Sec. 3313 of this title. (7191)

(77 Del. Laws, c. 99, Sec. 1; 77 Del. Laws, c. 330, Sec. 19.) (7192)

Sec. 61-103. Fiduciary duties; general principles. (7193)(Text)

(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)

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