Introduced by Representative Jewett of Ripton
Subject: Decedents’ estates; guardian and ward; extent of guardian’s control
Statement of purpose: This bill proposes to permit a guardian of a minor appointed by the probate court to invest 50 percent of the minor’s money in any manner that is consistent with the duties of a prudent investor.
AN ACT RELATING TO PERMITTING A GUARDIAN TO INVEST A MINOR’S MONEY IN A PRUDENT MANNER
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 14 V.S.A. § 2653 is amended to read:
§ 2653. EXTENT OF GUARDIAN’S CONTROL
guardian of a minor appointed by the probate court shall have the care and
management of the estate and, except as otherwise provided, the custody and
tuition of the minor. Such guardian shall furnish
him the minor suitable
employment, and provide for his education and instruction in the arts
and sciences or some trade or profession, according to his the minor’s
(b)(1) The guardian shall invest and reinvest the cash resources of the minor in bank accounts insured by the FDIC or the NCUA, securities issued by the government of the United States, or by a state or municipality, except as provided in subdivision (2) of this subsection.
to the approval of the probate court,
not more than 50 percent of the cash
resources may be invested in corporate bonds rated AAA by Moody and in common
stocks listed on the New York Stock Exchange the guardian may invest up
to 50 percent of the cash resources of the minor in any manner that is
consistent with the prudent investor rule set forth in chapter 147 of Title 9.
of the investment of funds shall be given to the court within
The Vermont General Assembly
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