Vermont § 3323 - Fiduciary duties; general principles

§ 3323. Fiduciary duties; general principles

• (a) In allocating receipts and disbursements to or between principal and income, and with
  respect to any matter within the scope of subchapter 2 or 3 of this chapter, a fiduciary: (1) shall administer a trust or estate in accordance with the terms of the trust or the
  will, even if there is a different provision in this chapter; (2) may administer a trust or estate by the exercise of a discretionary power of administration
  given to the fiduciary by the terms of the trust or the will, even if the exercise
  of the power produces a result different from a result required or permitted by this
  chapter; (3) shall administer a trust or estate in accordance with this chapter if the terms of
  the trust or the will do not contain a different provision or do not give the fiduciary
  a discretionary power of administration; and (4) shall add a receipt or charge a disbursement to principal to the extent that the terms
  of the trust and this chapter do not provide a rule for allocating the receipt or
  disbursement to or between principal and income. (b) In exercising the power to adjust under subsection 3324(a) of this title or a discretionary power of administration regarding a matter within the scope of
  this chapter, whether granted by the terms of a trust, a will, or this chapter, a
  fiduciary shall administer a trust or estate impartially, based on what is fair and
  reasonable to all of the beneficiaries, except to the extent that the terms of the
  trust or the will clearly manifest an intention that the fiduciary shall or may favor
  one or more of the beneficiaries. A determination in accordance with this chapter
  is presumed to be fair and reasonable to all of the beneficiaries. (Added 2011, No. 114 (Adj. Sess.), § 1.)