Vermont Statutes Title 14 Sec. 603
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Terms Used In Vermont Statutes Title 14 Sec. 603
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Trustee: A person or institution holding and administering property in trust.
§ 603. Settlor’s powers; powers of withdrawal
(a) While a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.
(b) During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power. (Added 2009, No. 20, § 1.)