Vermont § 701 - Accepting or declining trusteeship
Full text of Vermont Vermont Statutes Online § 701 — Accepting or declining trusteeship, with citation guidance and answers to common questions.
§ 701. Accepting or declining trusteeship
- (a) Except as otherwise provided in subsection (c) of this section, a person designated
as trustee accepts the trusteeship: (1) by substantially complying with a method of acceptance provided in the terms of the
trust; or (2) if the terms of the trust do not provide a method or the method provided in the terms
is not expressly made exclusive, by accepting delivery of the trust property, exercising
powers or performing duties as trustee, or otherwise indicating acceptance of the
trusteeship. (b) A person designated as trustee who has not yet accepted the trusteeship may reject
the trusteeship. A designated trustee who does not accept the trusteeship within a
reasonable time after knowing of the designation is deemed to have rejected the trusteeship. (c) A person designated as trustee, without accepting the trusteeship, may: (1) act to preserve the trust property if, within a reasonable time after acting, the
person sends a rejection of the trusteeship to the settlor or, if the settlor is dead
or lacks capacity, to the designated cotrustee, or, if none, to the successor trustee,
or, if none, to a qualified beneficiary; and (2) inspect or investigate trust property to determine potential liability under environmental
or other law or for any other purpose. (Added 2009, No. 20, § 1.)
Frequently Asked Questions About Vermont § 701
What does Vermont Statutes Online § 701 cover?
Section 701 ("Accepting or declining trusteeship") 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 § 701?
A common citation format is "Vermont Statutes Online § 701" (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 § 701 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.