DE SB282

Creates a presumption that formula clauses in wills and trusts of decedents dying between December 31, 2009 and January 1, 2011 refer to federal estate and generation-skipping transfer tax law as it existed on December 31, 2009, unless the instrument was executed or amended after that date.

Does not apply the presumption if the formula clause would cause a decrease in one trust and substantially equal increase in another trust with similar beneficial interests, or would decrease amounts to a trust while increasing amounts to an individual eligible for unlimited discretionary distributions.

Allows interested persons to file a petition within six months after the later of the statute's effective date or the decedent's death to challenge whether the presumption applies to that particular decedent.

Permits non-interested fiduciaries to opt out of the presumption if they elect to do so and no beneficiary objects within 30 days of receiving written notice of the election.

Applies only to wills and trusts not executed or amended after December 31, 2009.