In Gilmore v. Gilmore, (Del. Ch., Dec. 3, 2008), read opinion here, the Delaware Chancery Court, in  a short letter decision, addresses the fiduciary duties of the trustee of a trust.  As an historic note,  it is these same fiduciary duties that the Delaware courts "transported" from the English common law to apply (and evolve and develop) in the context of directors of corporations.

UPDATE: The Wall Street Journal online edition highlighted this post here.