DE HB297

Clarifies that powers vested in 2 fiduciaries or nonfiduciaries must be exercised unanimously by both, while powers vested in 3 or more must be exercised by majority vote, with dissenting fiduciaries protected from liability if dissent is documented in writing.

Allows trustees to select either the transferor or transferee trust's governing instrument when merging trusts, enabling retention of existing trust names, EINs, and account numbers post-merger.

Expands the definition of "officeholder" to include holders of powers to remove or appoint fiduciaries, and extends resignation and appointment procedures to apply to all officeholder positions, not just trustees.

Creates new appointment procedures when a trust lacks a serving officeholder, allowing current beneficiaries and presumptive remainder beneficiaries to unanimously appoint successors without court approval when governing instruments lack effective succession provisions.

Clarifies provisions for beneficiary well-being trusts regarding trustee and adviser compensation, specifying that trustees may receive full compensation without diminution for well-being program costs only if the governing instrument expressly so provides.