The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
001
:
GENERAL PROVISIONS
(Cite as: 14 V.S.A. § 3323)
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§ 3323. Fiduciary duties; general principles
(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.)