reglab/housing_qa huggingface dataset:
14 V.S.A. § 602
2021 Vermont Statutes|Title 14A - Trusts|Chapter 6 - Revocable Trusts|§ 602. Revocation or amendment of revocable trust

§ 602. Revocation or amendment of revocable trust|(a) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection does not apply to a trust created under an instrument executed before the effective date of this title.(b) If a revocable trust is created or funded by more than one settlor:  (1) to the extent the trust consists of community property or property held by tenants by the entirety when added to the trust, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses; (2) to the extent the trust consists of property other than community property or property held by tenants by the entirety when added to the trust, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution; and (3) upon the revocation or amendment of the trust by fewer than all of the settlors, the trustee shall notify the other settlors of the revocation or amendment.   (c) The settlor may revoke or amend a revocable trust:  (1) by substantial compliance with a method provided in the terms of the trust; or (2) if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by:  (A) executing a later will or codicil that expressly refers to and revokes or amends the trust or specifically devises or bequeaths specific property that would otherwise have passed according to the terms of the trust, or (B) any other method manifesting clear and convincing evidence of the settlor's intent.    (d) Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs, but with respect to community property or property held by tenants by the entirety when added to the trust under subdivision (b)(1) of this section, the trustee shall deliver one half of the property to each spouse unless the governing instrument specifically states otherwise.(e) A settlor's powers with respect to revocation, amendment, or distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the trust or the power.(f) A guardian of the property of the settlor or, if no guardian of the property has been appointed, a guardian of the person of the settlor may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only with the approval of the Probate Division of the Superior Court supervising the guardianship.(g) A trustee who does not have actual knowledge that a trust has been revoked or amended is not liable for distributions made and other actions taken on the assumption that the trust had not been amended or revoked. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. February 1, 2011.)
14 V.S.A. § 603
2021 Vermont Statutes|Title 14A - Trusts|Chapter 6 - Revocable Trusts|§ 603. Settlor's powers; powers of withdrawal

§ 603. Settlor's powers; powers of withdrawal|(a) While a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.(b) During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power. (Added 2009, No. 20, § 1.)
14 V.S.A. § 604
2021 Vermont Statutes|Title 14A - Trusts|Chapter 6 - Revocable Trusts|§ 604. Limitation on action contesting validity of revocable trust; distribution of trust property

§ 604. Limitation on action contesting validity of revocable trust; distribution of trust property|(a) A person may commence a judicial proceeding to contest the validity of a trust that was revocable immediately before the settlor's death within the earlier of:  (1) three years after the settlor's death; or (2) four months after the trustee sent the person a copy of the trust instrument and a notice informing the person of the trust's existence, of the trustee's name and address, and of the time allowed for commencing a proceeding.   (b) Upon the death of the settlor of a trust that was revocable immediately before the settlor's death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. The trustee is not subject to liability for doing so unless:  (1) the trustee has actual knowledge of a pending judicial proceeding contesting the validity of the trust; or (2) a potential contestant has notified the trustee in writing of a possible judicial proceeding to contest the trust, and a judicial proceeding is commenced within 60 days after the contestant sent the notification.   (c) A beneficiary of a trust that is determined to have been invalid in whole or in part is liable to return any distribution received to the extent that the invalidity applies to the distribution. (Added 2009, No. 20, § 1.)
14 V.S.A. § 701
2021 Vermont Statutes|Title 14A - Trusts|Chapter 7 - Office of Trustee|§ 701. Accepting or declining trusteeship

§ 701. Accepting or declining trusteeship|(a) Except as otherwise provided in subsection (c) of this section, a person designated as trustee accepts the trusteeship:  (1) by substantially complying with a method of acceptance provided in the terms of the trust; or (2) if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.   (b) A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.(c) A person designated as trustee, without accepting the trusteeship, may:  (1) act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to the designated cotrustee, or, if none, to the successor trustee, or, if none, to a qualified beneficiary; and (2) inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose. (Added 2009, No. 20, § 1.)
14 V.S.A. § 702
2021 Vermont Statutes|Title 14A - Trusts|Chapter 7 - Office of Trustee|§ 702. Trustee's bond

§ 702. Trustee's bond|(a) A trustee shall give bond to secure performance of the trustee's duties only if the Probate Division of the Superior Court finds that a bond is required by the terms of the trust and the Probate Division of the Superior Court has not dispensed with the requirement, or the Probate Division of the Superior Court finds by clear and convincing evidence that a bond is needed to protect the interests of the beneficiaries.(b) The Probate Division of the Superior Court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The Probate Division of the Superior Court may modify or terminate a bond at any time. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. February 1, 2011.)
14 V.S.A. § 703
2021 Vermont Statutes|Title 14A - Trusts|Chapter 7 - Office of Trustee|§ 703. Cotrustees

§ 703. Cotrustees|(a) Cotrustees who are unable to reach a unanimous decision may act by majority decision.(b) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust.(c) A cotrustee must participate in the performance of a trustee's function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity, or the cotrustee has properly delegated the performance of the function to another trustee.(d) If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law, or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.(e) A trustee may not delegate to a cotrustee the performance of a function the settlor reasonably expected the trustees to perform jointly. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.(f) Except as otherwise provided in subsection (g) of this section, a trustee who does not join in an action of another trustee is not liable for the action.(g) Each trustee shall exercise reasonable care to:  (1) prevent a cotrustee from committing a serious breach of trust; and (2) compel a cotrustee to redress a serious breach of trust.   (h) A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified in writing any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust. (Added 2009, No. 20, § 1.)
14 V.S.A. § 704
2021 Vermont Statutes|Title 14A - Trusts|Chapter 7 - Office of Trustee|§ 704. Vacancy in trusteeship; appointment of successor

§ 704. Vacancy in trusteeship; appointment of successor|(a) A vacancy in a trusteeship occurs if:  (1) a person designated as trustee rejects the trusteeship; (2) a person designated as trustee cannot be identified or does not exist; (3) a trustee resigns; (4) a trustee is disqualified or removed; (5) a trustee dies; or (6) a guardian is appointed for an individual serving as trustee.   (b) If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.(c) A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:  (1) by a person designated in the terms of the trust to act as successor trustee; (2) by a person appointed by unanimous agreement of the qualified beneficiaries; or (3) by a person appointed by the Probate Division of the Superior Court.   (d) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:  (1) by a person designated in the terms of the trust to act as successor trustee; or (2) by a person appointed by the Probate Division of the Superior Court.   (e) Whether or not a vacancy in a trusteeship exists or is required to be filled, the Probate Division of the Superior Court may appoint an additional trustee or special fiduciary whenever the Probate Division of the Superior Court considers the appointment necessary for the administration of the trust. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. February 1, 2011.)
14 V.S.A. § 705
2021 Vermont Statutes|Title 14A - Trusts|Chapter 7 - Office of Trustee|§ 705. Resignation of trustee

§ 705. Resignation of trustee|(a) A trustee may resign:  (1) upon at least 30 days' notice in writing to all cotrustees and to the qualified beneficiaries except those qualified beneficiaries under a revocable trust which the settlor has the capacity to revoke; or (2) with the approval of the Probate Division of the Superior Court.   (b) In approving a resignation, the Probate Division of the Superior Court may issue orders and impose conditions reasonably necessary for the protection of the trust property.(c) Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. Feb. 1, 2011.)
14 V.S.A. § 706
2021 Vermont Statutes|Title 14A - Trusts|Chapter 7 - Office of Trustee|§ 706. Removal and replacement of trustee

§ 706. Removal and replacement of trustee|(a) The settlor, a cotrustee, or a beneficiary may request the probate division of the superior court to remove a trustee under subsection (b) of this section or to replace a trustee under subsection (c) of this section. A trustee may be removed by the Probate Division of the Superior Court on its own initiative.(b) The Probate Division of the Superior Court may remove a trustee if:  (1) the trustee is obviously unsuitable; (2) the trustee has committed a serious breach of trust; (3) lack of cooperation among cotrustees substantially impairs the administration of the trust; (4) because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries; (5) there has been a substantial change of circumstances or removal is requested by all of the qualified beneficiaries, the Probate Division of the Superior Court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available; (6) for any cause, if the interests of the trust estate require it.   (c) The Probate Division of the Superior Court may remove an existing trustee, and appoint a replacement trustee subject to the provisions of section 704 of this title, if the Probate Division of the Superior Court finds that a change in trustee would be in keeping with the intent of the settlor. In deciding whether to replace a trustee under this subsection, the Probate Division of the Superior Court may consider the following factors:  (1) Whether removal would substantially improve or benefit the administration of the trust; (2) The relationship between the settlor and the trustee as it existed at the time the trust was created; (3) Changes in the nature of the trustee since the creation of the trust; (4) The relationship between the trustee and the beneficiaries; (5) The responsiveness of the trustee to the beneficiaries; (6) The experience and skill level of the trustee; (7) The investment performance of the trustee; (8) The charges for services performed by the trustee; and (9) Any other relevant factors pertaining to the administration of the trust.   (d) A Probate Division of the Superior Court may order trustees who are replaced pursuant to an action brought under subsection (c) of this section to reimburse the trust for attorney's fees and court costs paid by the trust relating to the action.(e) Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the Probate Division of the Superior Court may order such appropriate relief under subsection 1001(b) of this title as may be necessary to protect the trust property or the interests of the beneficiaries. (Added 2009, No. 20, § 1; amended 2009, No. 92 (Adj. Sess.), § 8; 2009, No. 154 (Adj. Sess.), § 236, eff. Feb.1, 2011.)
14 V.S.A. § 707
2021 Vermont Statutes|Title 14A - Trusts|Chapter 7 - Office of Trustee|§ 707. Delivery of property by former trustee

§ 707. Delivery of property by former trustee|(a) Unless a cotrustee remains in office or the Probate Division of the Superior Court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.(b) A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the cotrustee, successor trustee, or other person entitled to it. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. February 1, 2011.)
14 V.S.A. § 708
2021 Vermont Statutes|Title 14A - Trusts|Chapter 7 - Office of Trustee|§ 708. Compensation of trustee

§ 708. Compensation of trustee|(a) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances.(b) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the Probate Division of the Superior Court may allow more or less compensation if:  (1) the duties of the trustee are substantially different from those contemplated when the trust was created; or (2) the compensation specified by the terms of the trust would be unreasonably low or high.   (c)(1) Factors for the Probate Division of the Superior Court to consider in deciding upon a trustee's compensation shall include:   (A) the size of the trust; (B) the nature and number of the assets; (C) the results obtained; (D) the time and responsibility required; (E) the expertise required; (F) any management or sale of real property or closely held business interests; (G) any involvement in litigation to protect the trust property; (H) the fee customarily charged in the locality for similar services; (I) the experience, reputation, and ability of the person performing the services; (J) the effect that the particular employment may have on the ability of the person employed to engage in other employment; (K) the time limitations imposed by the trustee or by the circumstances; and (L) other relevant factors.  (2) The order of the factors in this subsection does not imply their relative importance. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. February 1, 2011.)
14 V.S.A. § 709
2021 Vermont Statutes|Title 14A - Trusts|Chapter 7 - Office of Trustee|§ 709. Reimbursement of expenses

§ 709. Reimbursement of expenses|(a) A trustee is entitled to be reimbursed out of the trust property, with reasonable interest as appropriate, for:  (1) expenses that were properly incurred in the administration of the trust; and (2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.   (b) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest. (Added 2009, No. 20, § 1.)
14 V.S.A. § 801
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 801. Duty to administer trust

§ 801. Duty to administer trust|Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith in accordance with its terms and purposes and the interests of the beneficiaries and in accordance with this title. (Added 2009, No. 20, § 1.)
14 V.S.A. § 803
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 803. Impartiality

§ 803. Impartiality|If a trust has two or more beneficiaries, the trustee shall act impartially in administering the trust, giving due regard to the beneficiaries' respective interests. (Added 2009, No. 20, § 1.)
14 V.S.A. § 804
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 804. Prudent administration

§ 804. Prudent administration|A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. (Added 2009, No. 20, § 1.)
14 V.S.A. § 805
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 805. Costs of administration

§ 805. Costs of administration|In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee. (Added 2009, No. 20, § 1.)
14 V.S.A. § 806
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 806. Trustee's skills

§ 806. Trustee's skills|A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, shall use those special skills or expertise. (Added 2009, No. 20, § 1.)
14 V.S.A. § 807
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 807. Delegation by trustee

§ 807. Delegation by trustee|(a) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:  (1) selecting an agent; (2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and (3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.   (b) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.(c) A trustee who complies with subsection (a) of this section is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.(d) By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this State, an agent submits to the jurisdiction of the courts of this State. (Added 2009, No. 20, § 1.)
14 V.S.A. § 808
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 808. Powers to direct

§ 808. Powers to direct|(a) While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust.(b) If the terms of a trust confer upon a person other than the settlor of a revocable trust power to direct certain actions of the trustee, the trustee shall act in accordance with an exercise of the power unless the attempted exercise is manifestly contrary to the terms of the trust or the trustee knows the attempted exercise would constitute a serious breach of a fiduciary duty that the person holding the power owes to the beneficiaries of the trust.(c) The terms of a trust may confer upon a trustee or other person a power to direct the modification or termination of the trust.(d) A person, other than a beneficiary, who holds a power to direct is presumptively a fiduciary who, as such, is required to act in good faith with regard to the purposes of the trust and the interests of the beneficiaries. The holder of a power to direct is liable for any loss that results from breach of a fiduciary duty. (Added 2009, No. 20, § 1.)
14 V.S.A. § 809
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 809. Control and protection of trust property

§ 809. Control and protection of trust property|A trustee shall take reasonable steps to take control of and protect the trust property. (Added 2009, No. 20, § 1.)
14 V.S.A. § 810
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 810. Recordkeeping and identification of trust property

§ 810. Recordkeeping and identification of trust property|(a) A trustee shall keep adequate records of the administration of the trust.(b) A trustee shall keep trust property separate from the trustee's own property.(c) Except as otherwise provided in subsection (d) of this section, a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.(d) If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two or more separate trusts. (Added 2009, No. 20, § 1.)
14 V.S.A. § 811
2021 Vermont Statutes|Title 14A - Trusts|Chapter 8 - Duties and Powers of Trustee|§ 811. Enforcement and defense of claims

§ 811. Enforcement and defense of claims|A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust. (Added 2009, No. 20, § 1.)