Vermont Statutes Title 14 Sec. 401
Terms Used In Vermont Statutes Title 14 Sec. 401
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
§ 401. Methods of creating trust
A trust may be created:
(1) by transfer of property to another person as trustee or to the trust in the trust’s name during the settlor’s lifetime or by will or other disposition taking effect upon the settlor’s death;
(2) by declaration by the owner of property that the owner holds identifiable property as trustee;
(3) by exercise of a power of appointment in favor of a trustee;
(4) pursuant to a statute or judgment or decree that requires property to be administered in the manner of an express trust; or
(5) by an agent or attorney-in-fact under a power of attorney that expressly grants authority to create the trust;
. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. Feb. 1, 2011; 2023, No. 60, § 3, eff. July 1, 2023.)