DE SB42

Clarifies that governing instruments may expand, restrict, eliminate, or vary a beneficiary's right to be informed of their trust interest for specific periods, including those based on age, lifetime of settlor/spouse, term of years, or specific events.

Creates a new "designated representative" role under § 3339 that can be appointed by the settlor, beneficiary, trustor-authorized persons, or named in the trust instrument to represent beneficiaries in judicial proceedings and nonjudicial matters.

Establishes that designated representatives deliver written acceptance to the trustee, are presumed to be fiduciaries, and have standing to bring actions on behalf of beneficiaries when beneficiaries' information rights are restricted.

Removes former § 3303(a)(5) and clarifies that fiduciaries cannot be exculpated for willful misconduct or prevented from court removal on grounds of willful misconduct.

Applies effective immediately upon enactment to all trusts whenever created.