Delaware Senate Bill 268 Summary

• Updates the Uniform Transfer on Death Security Registration Act by adding definitions for "cash equivalents" and expanding "security" to include interests in LLCs, partnerships, and trusts, and expanding "security account" to include investment management and custody accounts.

• Allows registration of transfer-on-death securities and accounts without listing beneficiary names if the registering entity maintains beneficiary information separately.

• Establishes that trustees may consider non-binding "letters of wishes" from trustors regarding discretionary distributions under the same abuse-of-discretion standard, with safe harbors for not considering such letters regarding unambiguous trust provisions.

• Grants trustees statutory power to provide or pay for financial education and wealth management programs for beneficiaries, and creates "Beneficiary Well-Being Trusts" for trustors who expressly reference this provision to fund seminars, counseling, and family education on estate planning, family values, and philanthropy.

• Allows designated representatives appointed by trustors to represent minors, incapacitated persons, unborn persons, and persons whose identities are unknown, and extends virtual representation principles to designated representatives under specified conditions without material conflicts of interest.