DE SB156

Clarifies that governing instruments may explicitly designate trust advisers and protectors to act in a nonfiduciary capacity, rather than the previous default assumption of fiduciary status

Allows trustees to be released from mandatory Court of Chancery accounting requirements if all interested parties (trustor, current beneficiaries, remainder beneficiaries, and advisers/protectors) provide written waivers with proper notice and acknowledgment

Specifies that waivers of accounting obligations remain effective for the duration of the trust unless a shorter period is specified or a court orders otherwise

Clarifies that trust terms take precedence over the default rule requiring fiduciaries to verify equivalent value when a trustor exercises a power to substitute property

Establishes that notice given to a representative under Delaware's virtual representation statute constitutes notice to the persons that representative may bind for purposes of trust contest limitations