Vt. Stat. Ann. tit. 14A, § 1102
Trust advisors and trust protectors as fiduciaries
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
(1) A trust advisor or trust protector is a fiduciary with respect to each power granted to such trust advisor or trust protector. In exercising any power or refraining from exercising any power, a trust advisor or trust protector shall act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries.
(1) A trust advisor or trust protector is a fiduciary with respect to each power granted to such trust advisor or trust protector. In exercising any power or refraining from exercising any power, a trust advisor or trust protector shall act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries.
(2) A trust advisor or trust protector is an excluded fiduciary with respect to each power granted or reserved exclusively to any one or more other trustees, trust advisors, or trust protectors. Added 2009, No. 20, § 1.
(2) A trust advisor or trust protector is an excluded fiduciary with respect to each power granted or reserved exclusively to any one or more other trustees, trust advisors, or trust protectors.
OFFICIAL COMMENT
Vermont Comment
This section confirms that the trust advisor or trust protector is a fiduciary with respect to the powers granted. When acting or refraining from acting within the scope of that power, the trust protector or trust advisor, as a trustee is constrained in Section 801, must act in good faith and in accordance with the terms of the trust and in the interest of the beneficiaries. This section clarifies that fiduciary powers, duty and liability may be segregated.
Section 1102 differs from the New Hampshire statute upon which it was modeled. New Hampshire excludes from fiduciary status trust advisors or trust protectors who are beneficiaries, but this section eliminates the words, "other than a beneficiary" that modify "trust advisor or trust protector" in the New Hampshire law.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.