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The Vermont Statutes Online

 

Title 14A : Trusts

Chapter 007 : OFFICE OF TRUSTEE

(Cite as: 14A V.S.A. § 704)
  • § 704. Vacancy in trusteeship; appointment of successor

    (a) A vacancy in a trusteeship occurs if:

    (1) a person designated as trustee rejects the trusteeship;

    (2) a person designated as trustee cannot be identified or does not exist;

    (3) a trustee resigns;

    (4) a trustee is disqualified or removed;

    (5) a trustee dies; or

    (6) a guardian is appointed for an individual serving as trustee.

    (b) If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.

    (c) A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:

    (1) by a person designated in the terms of the trust to act as successor trustee;

    (2) by a person appointed by unanimous agreement of the qualified beneficiaries; or

    (3) by a person appointed by the Probate Division of the Superior Court.

    (d) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:

    (1) by a person designated in the terms of the trust to act as successor trustee; or

    (2) by a person appointed by the Probate Division of the Superior Court.

    (e) Whether or not a vacancy in a trusteeship exists or is required to be filled, the Probate Division of the Superior Court may appoint an additional trustee or special fiduciary whenever the Probate Division of the Superior Court considers the appointment necessary for the administration of the trust. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. February 1, 2011.)