New law in Vermont adopts the Uniform Trust Code. 2009 Vt. Laws No. 20. The state legislature's website provides a detailed summary of the act, including the following excerpt: This act modernizes and codifies the laws governing testamentary and inter vivos trusts. The act adopts the Uniform Trust Code in large measure, drawing from common law sources as well as existing statutory law, but has been modified in part to reflect current Vermont legal principles. The act provides a set of basic default rules that govern voluntary trusts. However, because the act is a set of default rules, the terms of a trust instrument will govern even if the terms are inconsistent with the act.
Wednesday, September 30, 2009
Vermont Adopts Uniform Trust Code
New law in Vermont adopts the Uniform Trust Code. 2009 Vt. Laws No. 20. The state legislature's website provides a detailed summary of the act, including the following excerpt: This act modernizes and codifies the laws governing testamentary and inter vivos trusts. The act adopts the Uniform Trust Code in large measure, drawing from common law sources as well as existing statutory law, but has been modified in part to reflect current Vermont legal principles. The act provides a set of basic default rules that govern voluntary trusts. However, because the act is a set of default rules, the terms of a trust instrument will govern even if the terms are inconsistent with the act.
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