Description
Beneficiary engagement, growth and well-being has long been a priority within the PPI community of advisors. And yet, how do we move from these ideals to practical application both in the drafting and administration of trusts? Delaware is at the forefront of change. In this presentation we will discuss new § 3345 of Title 12 of the Delaware Code.
We will provide an overview of an empirically backed framework to define well-being, the uses and benefits of the new Beneficiary Well-being Trust Statute, how traditional planning tools may impact beneficiary well-being, and how to incorporate new tools into traditional trust planning.
Learning Objectives
• Highlight how traditional trust planning has been limiting and, at times, detrimental, to beneficiaries.
• Define a framework for well-being that can be applied to the age- and stage-appropriate growth and development of all beneficiaries.
• Discuss how Delaware’s new Beneficiary Well-being Trust Statute works and how it can be used to create trusts that not only manage, grow and protect wealth as it is transferred to future generations, but also serves as the financial resource that can provide beneficiaries with tools for their growth and development.
• Illustrate how the new Beneficiary Well-being Trust Statute goes beyond standard HEMS clauses and is more actionable than a Letter of Wishes