Matter of Irrevocable Asset Protection Trust of Henry C. Rohlf, 2011 WL 3201798 (Del.Ch., Unpublished, July 12, 2011).

In a recent matter before the Delaware Chancery Court, Vice Chancellor Glasscock confirmed the court’s commitment to honor the settlor’s intent and defer to the language of the trust document with regard to the standard of liability used to measure the conduct of a trustee in exercising its fiduciary duties. Relying on the language of Title 12, Section 3303 of the Delaware Code, a corporate trustee was held to the standard of good faith with regard to a matter of permissible self-dealing due to the specific language found in the trust instrument. For the full opinion, please refer to the above-captioned matter at https://courts.delaware.gov/opinions/list.aspx?ag=court of chancery or utilize our Delaware Law Links section.

Commonwealth Trust Company is pleased to provide this article as a guide. Commonwealth Trust Company is not engaged in the practice of law and is not providing legal advice by the provision of these materials. Commonwealth Trust Company recommends that clients seek the opinion of their attorney regarding the specific legal and tax issues addressed in this article.