Vermont Statutes Title 14 Sec. 409
Terms Used In Vermont Statutes Title 14 Sec. 409
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Probate: Proving a will
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
§ 409. Noncharitable trust without ascertainable beneficiary
Except as otherwise provided in section 408 of this title or by another statute, the following rules apply:
(1) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee. The trust may not be enforced for more than 21 years.
(2) A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the Probate Division of the Superior Court.
(3) Property of a trust authorized by this section may be applied only to its intended use, except to the extent the Probate Division of the Superior Court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise to the settlor’s successors in interest. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. Feb. 1, 2011.)