Vermont § 111 - Nonjudicial settlement agreements

§ 111. Nonjudicial settlement agreements

• (a) For purposes of this section, “interested persons” means persons whose consent would
  be required in order to achieve a binding settlement were the settlement to be approved
  by the Probate Division of the Superior Court. (b) Except as otherwise provided in subsection (c) of this section, interested persons
  may enter into a binding nonjudicial settlement agreement with respect to any matter
  involving a trust. (c) A nonjudicial settlement agreement is valid only to the extent it does not violate
  a material purpose of the trust and includes terms and conditions that could be properly
  approved by the Probate Division of the Superior Court under this title or other applicable
  law. (d) Matters that may be resolved by a nonjudicial settlement agreement include: (1) the interpretation or construction of the terms of the trust; (2) the approval of a trustee’s report or accounting; (3) direction to a trustee to perform or to refrain from performing a particular act or
  the grant to a trustee of any necessary or desirable power; (4) the resignation or appointment of a trustee and the determination of a trustee’s compensation; (5) transfer of a trust’s principal place of administration; and (6) liability of a trustee for an action relating to the trust. (e) Any interested person may request the Probate Division of the Superior Court to approve
  a nonjudicial settlement agreement to determine whether the representation as provided
  in chapter 3 of this title was adequate, and to determine whether the agreement contains
  terms and conditions the Probate Division of the Superior Court could have properly
  approved. (Added 2009, No. 20, § 1; amended 2009, No. 92 (Adj. Sess.), § 5; 2009, No. 154 (Adj. Sess.), § 236, eff. Feb. 1, 2011.)