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2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4020. Liability for refusal to accept acknowledged statutory form power of attorney

§ 4020. Liability for refusal to accept acknowledged statutory form power of attorney
(a) As used in this section, “statutory form power of attorney” means a power of attorney substantially in the form provided in section 4051 or 4052 of this title or that meets the requirements for a military power of attorney pursuant to 10 U.S.C. § 1044b, as amended.
(b) Except as otherwise provided in subsection (c) of this section:
(1) a person shall either accept an acknowledged statutory form power of attorney or request a certification, a translation, or an opinion of counsel under subsection 4019(d) of this title not later than seven business days after presentation of the power of attorney for acceptance;
(2) if a person requests a certification, a translation, or an opinion of counsel under subsection 4019(d) of this title, the person shall accept the statutory form power of attorney not later than five business days after receipt of the certification, translation, or opinion of counsel; and
(3) a person may not require an additional or different form of power of attorney for authority granted in the statutory form power of attorney presented.
(c) A person is not required to accept an acknowledged statutory form power of attorney if:
(1) the person is not otherwise required to engage in a transaction with the principal in the same circumstances;
(2) engaging in a transaction with the agent or the principal in the same circumstances would be inconsistent with federal or state law;
(3) the person has actual knowledge of the termination of the agent’s authority or of the power of attorney before exercise of the power;
(4) a request for a certification, a translation, or an opinion of counsel under subsection 4019(d) of this title is refused;
(5) the person in good faith believes that the power is not valid or that the agent does not have the authority to perform the act requested, whether or not a certification, a translation, or an opinion of counsel under subsection 4019(d) of this title has been requested or provided; or
(6) the person makes, or has actual knowledge that another person has made, a report to the Adult Protective Services program or other appropriate entity within the Department of Disabilities, Aging, and Independent Living or to a law enforcement agency stating a good faith belief that the principal may be subject to physical or financial abuse, neglect, exploitation, or abandonment by the agent or a person acting for or with the agent.
(d) A person who refuses in violation of this section to accept an acknowledged statutory form power of attorney is subject to:
(1) a court order mandating acceptance of the power of attorney; and
(2) liability for reasonable attorney’s fees and costs incurred in any action or proceeding that confirms the validity of the power of attorney or mandates acceptance of the power of attorney. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4021. Principles of law and equity

§ 4021. Principles of law and equity
Unless displaced by a provision of this chapter, the principles of law and equity supplement this chapter. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4022. Laws applicable to financial institutions and entities

§ 4022. Laws applicable to financial institutions and entities
This chapter does not supersede any other law applicable to financial institutions or other entities, and the other law controls if inconsistent with this chapter. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4023. Remedies under other law

§ 4023. Remedies under other law
The remedies under this chapter are not exclusive and do not abrogate any right or remedy under the law of this State other than this chapter. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4032. Incorporation of authority

§ 4032. Incorporation of authority
(a) An agent has authority described in this chapter if the power of attorney refers to general authority with respect to the descriptive term for the subjects stated in sections 4034–4047 of this title or cites the section in which the authority is described.
(b) A reference in a power of attorney to general authority with respect to the descriptive term for a subject in sections 4034–4047 of this title or a citation to a section of sections 4034–4047 of this title incorporates the entire section as if it were set out in full in the power of attorney.
(c) A principal may modify authority or a writing or other record incorporated by reference. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4033. Construction of authority generally

§ 4033. Construction of authority generally
Except as otherwise provided in the power of attorney, by executing a power of attorney that incorporates by reference a subject described in sections 4034–4047 of this title or that grants to an agent authority to do all acts that a principal could do pursuant to subsection 4031(c) of this title, a principal authorizes the agent, with respect to that subject, to:
(1) demand, receive, and obtain, by litigation or otherwise, money or another thing of value to which the principal is, may become, or claims to be entitled, and conserve, invest, disburse, or use anything so received or obtained for the purposes intended;
(2) contract in any manner with any person, on terms agreeable to the agent, to accomplish a purpose of a transaction and perform, rescind, cancel, terminate, reform, restate, release, or modify the contract or another contract made by or on behalf of the principal;
(3) execute, acknowledge, seal, deliver, file, or record any instrument or communication the agent considers desirable to accomplish a purpose of a transaction, including creating at any time a schedule listing some or all of the principal’s property and attaching it to the power of attorney;
(4) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to a claim existing in favor of or against the principal or intervene in litigation relating to the claim;
(5) seek on the principal’s behalf the assistance of a court or other governmental agency to carry out an act authorized in the power of attorney;
(6) engage, compensate, and discharge an attorney, accountant, discretionary investment manager, expert witness, or other advisor;
(7) prepare, execute, and file a record, report, or other document to safeguard or promote the principal’s interest under a statute or regulation;
(8) communicate with any representative or employee of a government or governmental subdivision, agency, or instrumentality on behalf of the principal;
(9) access communications intended for and communicate on behalf of the principal, whether by mail, electronic transmission, telephone, or other means; and
(10) do any lawful act with respect to the subject and all property related to the subject. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4034. Real property

§ 4034. Real property
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to real property authorizes the agent to:
(1) demand, buy, lease, receive, accept as a gift or as security for an extension of credit, or otherwise acquire or reject an interest in real property or a right incident to real property;
(2) sell; exchange; convey, with or without covenants, representations, or warranties; quitclaim; release; surrender; retain title for security; encumber; partition; consent to partitioning; subject to an easement or covenant; subdivide; apply for zoning or other governmental permits; plat or consent to platting; develop; grant an option concerning; lease; sublease; contribute to an entity in exchange for an interest in that entity; or otherwise grant or dispose of an interest in real property or a right incident to real property;
(3) pledge or mortgage an interest in real property or right incident to real property as security to borrow money or pay, renew, or extend the time of payment of a debt of the principal or a debt guaranteed by the principal;
(4) release, assign, satisfy, or enforce by litigation or otherwise a mortgage, deed of trust, conditional sale contract, encumbrance, lien, or other claim to real property that exists or is asserted;
(5) manage or conserve an interest in real property or a right incident to real property owned or claimed to be owned by the principal, including:
(A) insuring against liability or casualty or other loss;
(B) obtaining or regaining possession of or protecting the interest or right by litigation or otherwise;
(C) paying, assessing, compromising, or contesting taxes or assessments or applying for and receiving refunds in connection with them; and
(D) purchasing supplies, hiring assistance or labor, and making repairs or alterations to the real property;
(6) use, develop, alter, replace, remove, erect, or install structures or other improvements upon real property in or incident to which the principal has, or claims to have, an interest or right;
(7) participate in a reorganization with respect to real property or an entity that owns an interest in or right incident to real property and receive, and hold, and act with respect to stocks and bonds or other property received in a plan of reorganization, including:
(A) selling or otherwise disposing of them;
(B) exercising or selling an option, right of conversion, or similar right with respect to them; and
(C) exercising any voting rights in person or by proxy;
(8) change the form of title of an interest in or right incident to real property;
(9) dedicate to public use, with or without consideration, easements or other real property in which the principal has, or claims to have, an interest; and
(10) relinquish any and all of the principal’s rights of homestead under 27 V.S.A. § 105 and elective share under section 323 of this title. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4035. Tangible personal property

§ 4035. Tangible personal property
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to tangible personal property authorizes the agent to:
(1) demand, buy, receive, accept as a gift or as security for an extension of credit, or otherwise acquire or reject ownership or possession of tangible personal property or an interest in tangible personal property;
(2) sell, exchange, or convey, with or without covenants, representations, or warranties; quitclaim; release; surrender; create a security interest in; grant options concerning; lease; sublease; or otherwise dispose of tangible personal property or an interest in tangible personal property;
(3) grant a security interest in tangible personal property or an interest in tangible personal property as security to borrow money or pay, renew, or extend the time of payment of a debt of the principal or a debt guaranteed by the principal;
(4) release, assign, satisfy, or enforce by litigation or otherwise a security interest, lien, or other claim on behalf of the principal with respect to tangible personal property or an interest in tangible personal property;
(5) manage or conserve tangible personal property or an interest in tangible personal property on behalf of the principal, including:
(A) insuring against liability or casualty or other loss;
(B) obtaining or regaining possession of or protecting the property or interest, by litigation or otherwise;
(C) paying, assessing, compromising, or contesting taxes or assessments or applying for and receiving refunds in connection with taxes or assessments;
(D) moving the property from place to place;
(E) storing the property for hire or on a gratuitous bailment; and
(F) using and making repairs, alterations, or improvements to the property; and
(6) change the form of title of an interest in tangible personal property. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4036. Stocks and bonds

§ 4036. Stocks and bonds
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to stocks and bonds authorizes the agent to:
(1) buy, sell, and exchange stocks and bonds;
(2) establish, continue, modify, or terminate an account with respect to stocks and bonds;
(3) pledge stocks and bonds as security to borrow, pay, renew, or extend the time of payment of a debt of the principal;
(4) receive certificates and other evidences of ownership with respect to stocks and bonds; and
(5) exercise voting rights with respect to stocks and bonds in person or by proxy, enter into voting trusts, and consent to limitations on the right to vote. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4037. Commodities and options

§ 4037. Commodities and options
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to commodities and options authorizes the agent to:
(1) buy, sell, exchange, assign, settle, and exercise commodity futures contracts and call or put options on stocks or stock indexes traded on a regulated option exchange; and
(2) establish, continue, modify, and terminate option accounts. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4038. Banks and other financial institutions

§ 4038. Banks and other financial institutions
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to banks and other financial institutions authorizes the agent to:
(1) continue, modify, and terminate an account or other banking arrangement made by or on behalf of the principal;
(2) establish, modify, and terminate an account or other banking arrangement with a bank, trust company, savings and loan association, credit union, thrift company, brokerage firm, or other financial institution selected by the agent;
(3) contract for services available from a financial institution, including renting a safe deposit box or space in a vault;
(4) withdraw, by check, order, electronic funds transfer, or otherwise, money or property of the principal deposited with or left in the custody of a financial institution;
(5) receive statements of account, vouchers, notices, and similar documents from a financial institution and act with respect to them;
(6) enter a safe deposit box or vault and withdraw or add to the contents;
(7) borrow money and pledge as security personal property of the principal necessary to borrow money or pay, renew, or extend the time of payment of a debt of the principal or a debt guaranteed by the principal;
(8) make, assign, draw, endorse, discount, guarantee, and negotiate promissory notes, checks, drafts, and other negotiable or nonnegotiable paper of the principal or payable to the principal or the principal’s order; transfer money; receive the cash or other proceeds of those transactions; and accept a draft drawn by a person upon the principal and pay it when due;
(9) receive for the principal and act upon a sight draft, warehouse receipt, or other document of title whether tangible or electronic, or other negotiable or nonnegotiable instrument;
(10) apply for, receive, and use letters of credit, credit and debit cards, electronic transaction authorizations, and traveler’s checks from a financial institution and give an indemnity or other agreement in connection with letters of credit; and
(11) consent to an extension of the time of payment with respect to commercial paper or a financial transaction with a financial institution. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4040. Insurance and annuities

§ 4040. Insurance and annuities
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to:
(1) continue, pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a contract procured by or on behalf of the principal that insures or provides an annuity to either the principal or another person, whether or not the principal is a beneficiary under the contract;
(2) procure new, different, and additional contracts of insurance and annuities for the principal and the principal’s spouse, children, and other dependents and select the amount, type of insurance or annuity, and mode of payment;
(3) pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a contract of insurance or annuity procured by the agent;
(4) apply for and receive a loan secured by a contract of insurance or annuity;
(5) surrender and receive the cash surrender value on a contract of insurance or annuity;
(6) exercise an election;
(7) exercise investment powers available under a contract of insurance or annuity;
(8) change the manner of paying premiums on a contract of insurance or annuity;
(9) change or convert the type of insurance or annuity with respect to which the principal has or claims to have authority described in this section;
(10) apply for and procure a benefit or assistance under a statute or regulation to guarantee or pay premiums of a contract of insurance on the life of the principal;
(11) collect, sell, assign, hypothecate, borrow against, or pledge the interest of the principal in a contract of insurance or annuity;
(12) select the form and timing of the payment of proceeds from a contract of insurance or annuity; and
(13) pay, from proceeds or otherwise, compromise or contest, and apply for refunds in connection with, a tax or assessment levied by a taxing authority with respect to a contract of insurance or annuity or its proceeds or liability accruing by reason of the tax or assessment. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4041. Estates, trusts, and other beneficial interests

§ 4041. Estates, trusts, and other beneficial interests
(a) As used in this section, “estate, trust, or other beneficial interest” means a trust, probate estate, guardianship, conservatorship, escrow, or custodianship or a fund from which the principal is, may become, or claims to be entitled to a share or payment.
(b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to estates, trusts, and other beneficial interests authorizes the agent to:
(1) accept, receive, receipt for, sell, assign, pledge, or exchange a share in or payment from an estate, trust, or other beneficial interest;
(2) demand or obtain money or another thing of value to which the principal is, may become, or claims to be entitled by reason of an estate, trust, or other beneficial interest, by litigation or otherwise;
(3) exercise for the benefit of the principal a presently exercisable general power of appointment held by the principal;
(4) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to ascertain the meaning, validity, or effect of a deed, will, declaration of trust, or other instrument or transaction affecting the interest of the principal;
(5) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to remove, substitute, or surcharge a fiduciary;
(6) conserve, invest, disburse, or use anything received for an authorized purpose; and
(7) transfer an interest of the principal in real property, stocks and bonds, accounts with financial institutions or securities intermediaries, insurance, annuities, and other property to the trustee of a revocable trust created by the principal as settlor. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4042. Claims and litigation

§ 4042. Claims and litigation
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to claims and litigation authorizes the agent to:
(1) assert and maintain before a court or administrative agency a claim, claim for relief, cause of action, counterclaim, offset, recoupment, or defense, including an action to recover property or other thing of value, recover damages sustained by the principal, eliminate or modify tax liability, or seek an injunction, specific performance, or other relief;
(2) bring an action to determine adverse claims or intervene or otherwise participate in litigation;
(3) seek an attachment, garnishment, order of arrest, or other preliminary, provisional, or intermediate relief and use an available procedure to effect or satisfy a judgment, order, or decree;
(4) make or accept a tender, offer of judgment, or admission of facts; submit a controversy on an agreed statement of facts; consent to examination; and bind the principal in litigation;
(5) submit to alternative dispute resolution, settle, and propose or accept a compromise;
(6) waive the issuance and service of process upon the principal; accept service of process; appear for the principal; designate persons upon which process directed to the principal may be served; execute and file or deliver stipulations on the principal’s behalf; verify pleadings; seek appellate review; procure and give surety and indemnity bonds; contract and pay for the preparation and printing of records and briefs; and receive, execute, and file or deliver a consent, waiver, release, confession of judgment, satisfaction of judgment, notice, agreement, or other instrument in connection with the prosecution, settlement, or defense of a claim or litigation;
(7) act for the principal with respect to bankruptcy or insolvency, whether voluntary or involuntary, concerning the principal or some other person, or with respect to a reorganization, receivership, or application for the appointment of a receiver or trustee that affects an interest of the principal in property or other thing of value;
(8) pay a judgment, award, or order against the principal or a settlement made in connection with a claim or litigation; and
(9) receive money or other thing of value paid in settlement of or as proceeds of a claim or litigation. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4043. Personal and family maintenance

§ 4043. Personal and family maintenance
(a) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to personal and family maintenance authorizes the agent to:
(1) perform the acts necessary to maintain the customary standard of living of the principal, the principal’s spouse, and the following individuals, whether living when the power of attorney is executed or later born:
(A) other individuals legally entitled to be supported by the principal; and
(B) the individuals whom the principal has customarily supported or indicated the intent to support;
(2) make periodic payments of child support and other family maintenance required by a court or governmental agency or an agreement to which the principal is a party;
(3) provide living quarters for the individuals described in subdivision (1) of this subsection by:
(A) purchase, lease, or other contract; or
(B) paying the operating costs, including interest, amortization payments, repairs, improvements, and taxes, for premises owned by the principal or occupied by those individuals;
(4) provide normal domestic help, usual vacations and travel expenses, and funds for shelter, clothing, food, appropriate education, including postsecondary and vocational education, and other current living costs for the individuals described in subdivision (1) of this subsection;
(5) pay expenses for necessary health care and custodial care on behalf of the individuals described in subdivision (1) of this subsection;
(6) act as the principal’s personal representative pursuant to the Health Insurance Portability and Accountability Act; Sections 1171–1179 of the Social Security Act; 42 U.S.C. § 1320d, as amended; and applicable regulations in making decisions related to the past, present, or future payment for the provision of health care consented to by the principal or anyone authorized under the law of this State to consent to health care on behalf of the principal;
(7) continue any provision made by the principal for automobiles or other means of transportation, including registering, licensing, insuring, and replacing them, for the individuals described in subdivision (1) of this subsection;
(8) maintain credit and debit accounts for the convenience of the individuals described in subdivision (1) of this subsection and open new accounts; and
(9) continue payments incidental to the membership or affiliation of the principal in a religious institution, club, society, order, or other organization or to continue contributions to those organizations.
(b) Authority with respect to personal and family maintenance is neither dependent upon, nor limited by, authority that an agent may or may not have with respect to gifts under this chapter. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4044. Benefits from governmental programs or civil or military service

§ 4044. Benefits from governmental programs or civil or military service
(a) As used in this section, “benefits from governmental programs or civil or military service” means any benefit, program, or assistance provided under a statute or regulation, including Social Security, Medicare, Medicaid, and the Department of Veterans Affairs.
(b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to benefits from governmental programs or civil or military service authorizes the agent to:
(1) execute vouchers in the name of the principal for allowances and reimbursements payable by the United States or a foreign government or by a state or subdivision of a state to the principal, including allowances and reimbursements for transportation of the individuals described in subdivision 4043(a)(1) of this title and for shipment of their household effects;
(2) take possession and order the removal and shipment of property of the principal from a post, warehouse, depot, dock, or other place of storage or safekeeping, either governmental or private, and execute and deliver a release, voucher, receipt, bill of lading, shipping ticket, certificate, or other instrument for that purpose;
(3) enroll in, apply for, select, reject, change, amend, or discontinue, on the principal’s behalf, a benefit or program;
(4) prepare, file, and maintain a claim of the principal for a benefit or assistance, financial or otherwise, to which the principal may be entitled under a statute or regulation;
(5) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation concerning any benefit or assistance the principal may be entitled to receive under a statute or regulation; and
(6) receive the financial proceeds of a claim described in subdivision (4) of this subsection and conserve, invest, disburse, or use for a lawful purpose anything so received. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4045. Retirement plans

§ 4045. Retirement plans
(a) As used in this section, “retirement plan” means a plan or account created by an employer, the principal, or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary, or owner, including a plan or account under the following sections of the Internal Revenue Code:
(1) an individual retirement account under Internal Revenue Code § 408, 26 U.S.C. § 408, as amended;
(2) a Roth individual retirement account under Internal Revenue Code § 408A, 26 U.S.C. § 408A, as amended;
(3) a deemed individual retirement account under Internal Revenue Code § 408(q), 26 U.S.C. § 408(q), as amended;
(4) an annuity or mutual fund custodial account under Internal Revenue Code § 403(b), 26 U.S.C. § 403(b), as amended;
(5) a pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code § 401(a), 26 U.S.C. § 401(a), as amended;
(6) a plan under Internal Revenue Code § 457(b), 26 U.S.C. § 457(b), as amended; and
(7) a nonqualified deferred compensation plan under Internal Revenue Code § 409A, 26 U.S.C. § 409A, as amended.
(b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to retirement plans authorizes the agent to:
(1) select the form and timing of payments under a retirement plan and withdraw benefits from a plan;
(2) make a rollover, including a direct trustee-to-trustee rollover, of benefits from one retirement plan to another;
(3) establish a retirement plan in the principal’s name;
(4) make contributions to a retirement plan;
(5) exercise investment powers available under a retirement plan; and
(6) borrow from, sell assets to, or purchase assets from a retirement plan. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4046. Taxes

§ 4046. Taxes
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to taxes authorizes the agent to:
(1) prepare, sign, and file federal, state, local, and foreign income, gift, payroll, property, Federal Insurance Contributions Act, and other tax returns; claims for refunds; requests for extension of time; petitions regarding tax matters; and any other tax-related documents, including receipts; offers; waivers; consents, including consents and agreements under Internal Revenue Code § 2032A, 26 U.S.C. § 2032A, as amended; closing agreements; and any power of attorney required by the Internal Revenue Service or other taxing authority, including an internal revenue service form 2848 in favor of any third party with respect to a tax year upon which the statute of limitations has not run and the following 25 tax years;
(2) pay taxes due, collect refunds, post bonds, receive confidential information, and contest deficiencies determined by the Internal Revenue Service or other taxing authority;
(3) exercise any election available to the principal under federal, state, local, or foreign tax law; and
(4) act for the principal in all tax matters for all periods before the Internal Revenue Service, or other taxing authority. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4047. Gifts

§ 4047. Gifts
(a) For purposes of this section, “gift” includes a gift for the benefit of a person, including a gift to a trust, an account under chapter 115 of this title (Vermont Uniform Transfers to Minors Act), and a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code § 529, 26 U.S.C. § 529, as amended.
(b) An agent may make a gift of the principal’s property only as the agent determines is consistent with the principal’s objectives if actually known by the agent or, if unknown, as the agent determines is consistent with the principal’s best interests based on all relevant factors, including:
(1) evidence of the principal’s intent;
(2) the principal’s personal history of making or joining in the making of lifetime gifts;
(3) the principal’s estate plan;
(4) the principal’s foreseeable obligations and maintenance needs and the impact of the proposed gift on the principal’s housing options, access to care and services, and general welfare;
(5) the income, gift, estate, or inheritance tax consequences of the transaction; and
(6) whether the proposed gift creates a foreseeable risk that the principal will be deprived of sufficient assets to cover the principal’s needs during any period of Medicaid ineligibility that would result from the proposed gift.
(c) An agent may make a gift of the principal’s property only as the agent determines is consistent with the principal’s objectives if actually known by the agent and, if unknown, as the agent determines is consistent with the principal’s best interests based on all relevant factors, including:
(1) the value and nature of the principal’s property;
(2) the principal’s foreseeable obligations and need for maintenance;
(3) minimization of taxes, including income, estate, inheritance, generation-skipping transfer, and gift taxes;
(4) eligibility for a benefit, a program, or assistance under a statute or regulation; and
(5) the principal’s personal history of making or joining in making gifts. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4052. Statutory short form power of attorney for real estate transactions

§ 4052. Statutory short form power of attorney for real estate transactions
(a) A document substantially in the following form may be used to create a statutory form power of attorney for a real estate transaction that has the meaning and effect prescribed by this chapter.
VERMONT STATUTORY FORM POWER OF ATTORNEY IMPORTANT INFORMATION
This power of attorney authorizes another person (your agent) to take actions for you (the principal) in connection with a real estate transaction (sale, purchase, mortgage, or gift). Your agent will be able to make decisions and act with respect to a specific parcel of land whether or not you are able to act for yourself. The meaning of authority over subjects listed on this form is explained in the Vermont Uniform Power of Attorney Act, 14 V.S.A. chapter 127.
DESIGNATION OF AGENT
GRANT OF AUTHORITY
POWER TO DELEGATE
TERM
SELF HEALING
CHOICE OF LAW
SIGNATURE AND ACKNOWLEDGMENT
(b) A power of attorney in the form above confers on the agent the powers provided in subdivisions 4034(2), (3), and (4) of this chapter. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4053. Agent’s certification

§ 4053. Agent’s certification
The following optional form may be used by an agent to certify facts concerning a power of attorney.
AGENT’S CERTIFICATION AS TO THE VALIDITY OF POWER OF ATTORNEY AND AGENT’S AUTHORITY
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4061. Uniformity of application and construction

§ 4061. Uniformity of application and construction
In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among the states that enact it. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4062. Relation to Electronic Signatures in Global and National Commerce Act

§ 4062. Relation to Electronic Signatures in Global and National Commerce Act
This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede subsection 101(c) of that act, 15 U.S.C. § 7001(c), or authorize electronic delivery of any of the notices described in subsection 103(b) of that act, 15 U.S.C. § 7003(b). (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 127 - Vermont Uniform Power of Attorney Act › § 4063. Effect on existing powers of attorney

§ 4063. Effect on existing powers of attorney
Except as otherwise provided in this chapter, on July 1, 2023:
(1) this chapter applies to a power of attorney created before, on, or after July 1, 2023;
(2) this chapter applies to a judicial proceeding concerning a power of attorney commenced on or after July 1, 2023;
(3) this chapter applies to a judicial proceeding concerning a power of attorney commenced before July 1, 2023 unless the court finds that application of a provision of this chapter would substantially interfere with the effective conduct of the judicial proceeding or prejudice the rights of a party, in which case that provision does not apply and the superseded law applies; and
(4) an act done before July 1, 2023 is not affected by this chapter. (Added 2023, No. 60, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 14A - Trusts › Chapter 1 - General Provisions and Definitions › § 102. Scope

§ 102. Scope
(a) This title applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust. Except as provided in subsection (b) of this section, this title shall not apply to trusts described in the following provisions of Vermont Statutes Annotated: 3 V.S.A. chapter 16; 6 V.S.A. chapter 151; 8 V.S.A. chapters 103, 204, and 222; 10 V.S.A. chapters 11A, 12, and 59; 11A V.S.A. chapter 7; 15 V.S.A. chapter 11; 16 V.S.A. chapters 55, 90, and 131; 18 V.S.A. chapters 121, 177, and 225; 21 V.S.A. chapter 9; 24 V.S.A. chapters 65, 119, 125, and 133; 27 V.S.A. chapter 7; 28 V.S.A. chapter 11; 29 V.S.A. chapter 16; and 30 V.S.A. chapters 84 and 91; but section 1013 of this title (certification of trust) shall apply to all such trusts.
(b) Section 1013 of this title (certification of trust) shall apply to all trusts described in subsection (a) of this section. (Added 2009, No. 20, § 1; amended 2009, No. 92 (Adj. Sess.), § 4; 2009, No. 132 (Adj. Sess.), § 11, eff. May 29, 2010.)
2023 Vermont Statutes › Title 14A - Trusts › Chapter 1 - General Provisions and Definitions › § 104. Knowledge

§ 104. Knowledge
(a) Subject to subsection (b) of this section, a person has knowledge of a fact if the person:
(1) has actual knowledge of it;
(2) has received a notice or notification of it; or
(3) from all the facts and circumstances known to the person at the time in question, has reason to know it.
(b) An organization that conducts activities through employees has notice or knowledge of a fact involving a trust only from the time the information was received by an employee having responsibility to act for the trust, or would have been brought to the employee’s attention if the organization had exercised reasonable diligence. An organization exercises reasonable diligence if it maintains reasonable routines for communicating significant information to the employee having responsibility to act for the trust and there is reasonable compliance with the routines. Reasonable diligence does not require an employee of the organization to communicate information unless the communication is part of the individual’s regular duties or the individual knows a matter involving the trust would be materially affected by the information. (Added 2009, No. 20, § 1.)
2023 Vermont Statutes › Title 14A - Trusts › Chapter 1 - General Provisions and Definitions › § 105. Default and mandatory rules

§ 105. Default and mandatory rules
(a) Except as otherwise provided in the terms of the trust, this title governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.
(b) The terms of a trust prevail over any provision of this title except:
(1) the requirements for creating a trust;
(2) the duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries;
(3) the requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;
(4) the power of the Probate Division of the Superior Court to modify or terminate a trust under sections 410 through 416 of this title;
(5) the effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in chapter 5 of this title;
(6) the power of the Probate Division of the Superior Court under section 702 of this title to require, dispense with, or modify or terminate a bond;
(7) the power of the Probate Division of the Superior Court under subsection 708(b) of this title to adjust a trustee’s compensation specified in the terms of the trust which is unreasonably low or high;
(8) the effect of an exculpatory term under section 1008 of this title;
(9) the rights under sections 1010 through 1013 of this title of a person other than a trustee or beneficiary;
(10) periods of limitation for commencing a judicial proceeding;
(11) the power of the Probate Division of the Superior Court to take such action and exercise such jurisdiction as may be necessary in the interests of justice; and
(12) the subject matter jurisdiction of the Probate Division of the Superior Court and venue for commencing a proceeding as provided in sections 203 and 204 of this title. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. Feb. 1, 2011.)
2023 Vermont Statutes › Title 14A - Trusts › Chapter 1 - General Provisions and Definitions › § 106. Common law of trusts; principles of equity

§ 106. Common law of trusts; principles of equity
The common law of trusts and principles of equity supplement this title, except to the extent modified by this title or another statute of this state. (Added 2009, No. 20, § 1.)
2023 Vermont Statutes › Title 14A - Trusts › Chapter 1 - General Provisions and Definitions › § 107. Governing law

§ 107. Governing law
The meaning and effect of the terms of a trust are determined by:
(1) the law of the jurisdiction designated in the terms unless the designation of that jurisdiction’s law is contrary to a strong public policy of the jurisdiction having the most significant relationship to the matter at issue; or
(2) in the absence of a controlling designation in the terms of the trust, the law of the jurisdiction having the most significant relationship to the matter at issue. (Added 2009, No. 20, § 1.)
2023 Vermont Statutes › Title 14A - Trusts › Chapter 1 - General Provisions and Definitions › § 108. Principal place of administration

§ 108. Principal place of administration
(a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if:
(1) a trustee’s principal place of business is located in or a trustee is a resident of the designated jurisdiction; or
(2) all or part of the administration occurs in the designated jurisdiction.
(b) A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries.
(c) Without precluding the right of the Probate Division of the Superior Court to order, approve, or disapprove a transfer, the trustee, in furtherance of the duty prescribed by subsection (b) of this section, may transfer the trust’s principal place of administration to another state or to a jurisdiction outside the United States.
(d) The trustee shall notify the qualified beneficiaries of a proposed transfer of a trust’s principal place of administration not less than 60 days before initiating the transfer. The notice of proposed transfer must include:
(1) the name of the jurisdiction to which the principal place of administration is to be transferred;
(2) the address and telephone number at the new location at which the trustee can be contacted;
(3) an explanation of the reasons for the proposed transfer;
(4) the date on which the proposed transfer is anticipated to occur; and
(5) the date, not less than 60 days after the giving of the notice, by which the qualified beneficiary must notify the trustee of an objection to the proposed transfer.
(e) The authority of a trustee under this section to transfer a trust’s principal place of administration terminates if a qualified beneficiary notifies the trustee of an objection to the proposed transfer on or before the date specified in the notice.
(f) In connection with a transfer of the trust’s principal place of administration, the trustee may transfer some or all of the trust property to a successor trustee designated in the terms of the trust or appointed pursuant to section 704 of this title. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. Feb. 1, 2011.)
2023 Vermont Statutes › Title 14A - Trusts › Chapter 1 - General Provisions and Definitions › § 109. Methods and waiver of notice

§ 109. Methods and waiver of notice
(a) Notice to a person under this title or the sending of a document to a person under this title must be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. Permissible methods of notice or for sending a document include first-class mail, commercial delivery service, personal delivery, delivery to the person’s last known place of residence or place of business, or a properly directed electronic message.
(b) Notice otherwise required under this title or a document otherwise required to be sent under this title need not be provided to a person whose identity or location is unknown to and not reasonably ascertainable by the trustee.
(c) Notice under this title or the sending of a document under this title may be waived by the person to be notified or sent the document.
(d) Notice of a judicial proceeding must be given as provided in the applicable rules of court procedure. (Added 2009, No. 20, § 1.)