Vermont § 1305 - Exclusions

§ 1305. Exclusions

• (a) As used in this section, “power of appointment” means a power that enables a person
  acting in a nonfiduciary capacity to designate a recipient of an ownership interest
  in or another power of appointment over trust property. (b) This chapter does not apply to a: (1) power of appointment; (2) power to appoint or remove a trustee or trust director; (3) power of a settlor over a trust to the extent the settlor has a power to revoke the
  trust; (4) power of a beneficiary over a trust to the extent the exercise or nonexercise of the
  power affects the beneficial interest of: (A) the beneficiary; or (B) another beneficiary represented by the beneficiary under chapter 3 of this title with
  respect to the exercise or nonexercise of the power; or (5) power over a trust if: (A) the terms of the trust provide that the power is held in a nonfiduciary capacity;
  and (B) the power must be held in a nonfiduciary capacity to achieve the settlor’s tax objectives
  under the United States Internal Revenue Code of 1986 and regulations issued thereunder. (c) Unless the terms of a trust provide otherwise, a power granted to a person to designate
  a recipient of an ownership interest in or power of appointment over trust property
  which is exercisable while the person is not serving as a trustee is a power of appointment
  and not a power of direction. (Added 2023, No. 104 (Adj. Sess.), § 1, eff. May 13, 2024.)