Vt. Stat. Ann. tit. 14, § 3215
Transfer authorized by will or trust
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
(1) A personal representative or trustee may make an irrevocable transfer pursuant to section 3219 of this title to a custodian for the benefit of a minor as authorized in the governing will or trust.
(1) A personal representative or trustee may make an irrevocable transfer pursuant to section 3219 of this title to a custodian for the benefit of a minor as authorized in the governing will or trust.
(2) If the testator or settlor has nominated a custodian under section 3213 of this title to receive the custodial property, the transfer must be made to that person.
(2) If the testator or settlor has nominated a custodian under section 3213 of this title to receive the custodial property, the transfer must be made to that person.
(3) If the testator or settlor has not nominated a custodian under section 3213 of this title, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under subsection 3219(a) of this title. Added 2015, No. 7, § 1.
(3) If the testator or settlor has not nominated a custodian under section 3213 of this title, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under subsection 3219(a) of this title.
OFFICIAL COMMENT
This section is new and has no counterpart in the 1966 Act. It is based on nonuniform provisions adopted by Connecticut, Illinois, Wisconsin and other states to validate distributions from trusts and estates to a custodian for a minor beneficiary, when the use of a custodian is expressly authorized by the governing instrument. It also covers the designation of the custodian whenever the settlor or testator fails to make a nomination, or the future custodian nominated under section 3213 of this chapter (and any alternate named) fails to qualify.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.