Vermont § 402 - Requirements for creation
Full text of Vermont Vermont Statutes Online § 402 — Requirements for creation, with citation guidance and answers to common questions.
§ 402. Requirements for creation
- (a) A trust is created only if: (1) the settlor has capacity to create a trust; (2) the settlor indicates an intention to create the trust; (3) the trust has a definite beneficiary or is: (A) a charitable trust; (B) a trust for the care of an animal, as provided in section 408 of this title; or (C) a trust for a noncharitable purpose, as provided in section 409 of this title; (4) the trustee has duties to perform; and (5) the same person is not the sole trustee and sole beneficiary of all beneficial interests. (b) A settlor is deemed to have the capacity to create a trust if: (1) the trust is created by an agent of the settlor under a power of attorney as described
in subdivision 401(5) of this title; and (2) the settlor had capacity to create a trust at the time the power of attorney was executed. (c) A beneficiary is definite if the beneficiary can be ascertained now or in the future,
subject to any applicable rule against perpetuities. (d) A power in a trustee to select a beneficiary from an indefinite class is valid. If
the power is not exercised within a reasonable time, the power fails and the property
subject to the power passes to the persons who would have taken the property had the
power not been conferred. (Added 2009, No. 20, § 1; amended 2009, No. 92 (Adj. Sess.), § 6.)
Frequently Asked Questions About Vermont § 402
What does Vermont Statutes Online § 402 cover?
Section 402 ("Requirements for creation") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 402?
A common citation format is "Vermont Statutes Online § 402" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 402 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.