Introduced by Representatives Keenan of St. Albans City and Young of Orwell
Subject: Decedents’ estates; fiduciary relations; trusts and trustees
Statement of purpose: This bill proposes to clarify that the act providing for the removal of a trustee upon petition by a beneficiary or co-trustee applies to both trusts existing at the time of the effective date of the act as well as trusts created after the effective date.
AN ACT RELATING TO APPLICABILITY OF AN ACT REGARDING TRUSTEES
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. FINDINGS; PURPOSE
(a) The general assembly finds that in 2004 the general assembly determined during deliberations on H.747, an act relating to removal and replacement of trustees upon petition by a beneficiary or co-trustee, that there were problems in the administration of certain existing trusts and potentially with trusts created subsequent to the passage of the act. The general assembly further finds that No. 106 of the Acts of the 2003 Adj. Sess. (2004) was enacted to solve those problems.
(b) The purpose of this bill is to make clear that the intent of the general assembly in enacting the act authorizing the removal of trustees was to have the act apply to trusts in existence at the time as well as trusts created after the passage of the act.
Sec. 2. TRUSTEE REMOVAL ACT APPLIES TO EXISTING TRUSTS
Sec. 2 of No. 106 of the Acts of the 2003 Adj. Sess. (2004) shall apply both to trusts existing at the time of the effective date of the act and to trusts created thereafter.
The Vermont General Assembly
115 State Street