Vermont § 3323 Fiduciary duties; general principles

Vermont Statutes

§ 3323 — Fiduciary duties; general principles

Vermont § 3323

Title 14Title 14: Decedents' Estates and Fiduciary Relations

Ch. 118Chapter 118: Uniform Principal and Income Act

This text of Vermont § 3323 (Fiduciary duties; general principles) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 14, § 3323 (2026).

Text

(a)In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of subchapter 2 or 3 of this chapter, a fiduciary:

(1)shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this chapter;

(2)may administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this chapter;

(3)shall administer a trust or estate in accordance with this chapter if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power

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(a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of subchapter 2 or 3 of this chapter, a fiduciary:
(1) shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this chapter;
(2) may administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this chapter;
(3) shall administer a trust or estate in accordance with this chapter if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and
(4) shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this chapter do not provide a rule for allocating the receipt or disbursement to or between principal and income.
(b) In exercising the power to adjust under subsection 3324(a) of this title or a discretionary power of administration regarding a matter within the scope of this chapter, whether granted by the terms of a trust, a will, or this chapter, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with this chapter is presumed to be fair and reasonable to all of the beneficiaries. (Added 2011, No. 114 (Adj. Sess.), § 1.)