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Searching 2019-2020 Session

The Vermont Statutes Online

 

Title 14 : Decedents Estates and Fiduciary Relations

Chapter 042 : DESCENT AND SURVIVORS' RIGHTS

Subchapter 003 : DESCENT, OMITTED ISSUE, AND LAPSED LEGACIES

(Cite as: 14 V.S.A. § 338)
  • § 338. Distribution; order in which assets appropriated; abatement

    (a)(1) Except as provided in subsection (b) of this section, shares of distributees given under a will abate, without any preference or priority as between real and personal property, in the following order:

    (A) property not disposed of by the will;

    (B) residuary devises and bequests;

    (C) general devises and bequests;

    (D) specific devises and bequests.

    (2) For purpose of abatement, a general devise or bequest charged on any specific property or fund is a specific devise or bequest to the extent of the value of the property on which it is charged, and upon the failure or insufficiency of the property on which it is charged, a general devise or bequest to the extent of the failure or insufficiency. Abatement within each classification is in proportion to the amounts of property each of the beneficiaries would have received if full distribution of the property had been made in accordance with the terms of the will.

    (b) If the will expresses an order of abatement or if the testamentary plan or the express or implied purpose of a devise or bequest would be defeated by the order of abatement listed in subsection (a) of this section, the shares of the distributees shall abate as may be necessary to give effect to the intention of the testator.

    (c) If the subject of a preferred devise or bequest is sold or used incident to administration, abatement shall be achieved by appropriate adjustments in, or contribution from, other interests in the remaining assets. (Added 2009, No. 55, § 5, eff. June 1, 2009.)