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Vermont Statutes Title 14 A. Trusts, § 704. Vacancy in trusteeship; appointment of successor

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Vermont Statutes Title 14 A. Trusts, § 704. Vacancy in trusteeship; appointment of successor - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-14-a-trusts/vt-st-tit-14a-sect-704/

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