For more than a century, Delaware has been recognized as the “corporate capital” of the United States. Now, with a well-developed body of trust law, evolving improvements to its trust statutes and the expertise of Delaware’s well-known Court of Chancery, the state is on the road to establishing itself as the “trust capital” of the United States. Morris James attorneys with trust law knowledge and experience are on the forefront of these developments.
Delaware statutes provide a platform for the separation of trust administrative duties among trustees, trust advisers, and trust protectors. In a properly drafted trust instrument, a trustee can perform the traditional fiduciary functions related to investment and administration, while a trust adviser is responsible for managing specific assets or assets classes, such as concentrated positions and closely held business interests. Morris James attorneys advise fiduciaries and trust beneficiaries in creating trust documents that provide for efficient and productive division of administrative duties while preserving maximum flexibility and protection.
Delaware law permits trusts of indefinite duration. We assist our clients in developing such “dynasty” trusts, successfully preserving and transmitting family wealth from generation to generation without erosion by estate and inheritance taxes.
