Title 14, Title 14: Decedents' Estates and Fiduciary Relations

§ 4005. Execution of power of attorney A power of attorney shall be signed by the principal or in the principal’s conscious presence by another individual directed by the principal to sign the principal’s name on the power of attorney. A signature on a power of attorney is presum…

§ 4006. Validity of power of attorney (a) A power of attorney executed in this State on or after July 1, 2023 is valid if its execution complies with section 4005 of this title. (b) A power of attorney executed in this State before July 1, 2023 is valid if its execution complied …

§ 4007. Meaning and effect of power of attorney The meaning and effect of a power of attorney is determined by the law of the jurisdiction indicated in the power of attorney and, in the absence of an indication of jurisdiction, by the law of the jurisdiction in which the power of…

§ 4008. Nomination of guardian; relation of agent to court-appointed fiduciary (a) In a power of attorney, a principal may nominate a guardian of the principal’s estate or a guardian of the principal’s person for consideration by the court if protective proceedings for the princi…

§ 4009. When power of attorney effective (a) A power of attorney is effective when executed unless the principal provides in the power of attorney that it becomes effective at a future date or upon the occurrence of a future event or contingency. (b) If a power of attorney become…

§ 4010. Termination of power of attorney or agent’s authority (a) A power of attorney terminates when: (1) the principal dies; (2) the principal becomes incapacitated or unavailable, if the power of attorney is not durable; (3) the principal revokes the power of attorney; (4) the…

§ 4011. Co-agents and successor agents (a) A principal may designate two or more persons to act as co-agents. Unless the power of attorney otherwise provides, each co-agent may exercise its authority independently. (b) A principal may designate one or more successor agents to act…

§ 4012. Reimbursement and compensation of agent Unless the power of attorney otherwise provides, an agent is entitled to reimbursement of expenses reasonably incurred on behalf of the principal and to compensation that is reasonable under the circumstances. (Added 2023, No. 60, §…

§ 4013. Agent’s acceptance Except as otherwise provided in the power of attorney, a person accepts appointment as an agent under a power of attorney by exercising authority or performing duties as an agent or by any other assertion or conduct indicating acceptance. (Added 2023, N…

§ 4014. Agent’s duties (a) Notwithstanding provisions in the power of attorney, an agent who has accepted appointment shall: (1) act in accordance with the principal’s reasonable expectations to the extent actually known by the agent and otherwise in the principal’s best interest…

§ 4015. Exoneration of agent A provision in a power of attorney relieving an agent of liability for breach of duty is binding on the principal and the principal’s successors in interest except to the extent the provision: (1) relieves the agent of liability for breach of duty com…

§ 4016. Judicial relief (a) The following persons may petition a court to construe a power of attorney or review the agent’s conduct and grant appropriate relief: (1) the principal or the agent; (2) a guardian or other fiduciary acting for the principal, including an executor or …

§ 4017. Agent’s liability An agent who violates this chapter is liable to the principal or the principal’s successors in interest for the amount required to: (1) restore the value of the principal’s property to what it would have been had the violation not occurred; (2) reimburse…

§ 4018. Agent’s resignation; notice Unless the power of attorney provides a different method for an agent’s resignation, an agent may resign by giving written notice to the principal and, if the principal is incapacitated or unavailable: (1) to the guardian, if one has been appoi…

§ 4019. Acceptance of and reliance upon acknowledged power of attorney (a) As used in this section and section 4020 of this title, “acknowledged” means purportedly verified before a notary public or other individual authorized to take acknowledgements. (b) A person who in good fa…

§ 4020. Liability for refusal to accept acknowledged power of attorney (a) Except as otherwise provided in subsection (b) of this section: (1) a person shall either accept an acknowledged power of attorney or request a certification, a translation, or an opinion of counsel under …

§ 4021. Principles of law and equity Unless displaced by a provision of this chapter, the principles of law and equity supplement this chapter. (Added 2023, No. 60, § 1, eff. July 1, 2023.)

§ 4022. Laws applicable to financial institutions and entities This chapter does not supersede any other law applicable to financial institutions or other entities, and the other law controls if inconsistent with this chapter. (Added 2023, No. 60, § 1, eff. July 1, 2023.)

§ 4023. Remedies under other law The remedies under this chapter are not exclusive and do not abrogate any right or remedy under the law of this State other than this chapter. (Added 2023, No. 60, § 1, eff. July 1, 2023.)

§ 4031. Authority that requires specific grant; grant of general authority (a) An agent under a power of attorney may do the following on behalf of the principal or with the principal’s property only if the power of attorney expressly grants the agent the authority and exercise o…

§ 4032. Incorporation of authority (a) An agent has authority described in this chapter if the power of attorney refers to general authority with respect to the descriptive term for the subjects stated in sections 4034–4047 of this title or cites the section in which the authorit…

§ 4033. Construction of authority generally Except as otherwise provided in the power of attorney, by executing a power of attorney that incorporates by reference a subject described in sections 4034–4047 of this title or that grants to an agent authority to do all acts that a pr…

§ 4034. Real property Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to real property authorizes the agent to: (1) demand, buy, lease, receive, accept as a gift or as security for an extension of credit, or…

§ 4035. Tangible personal property Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to tangible personal property authorizes the agent to: (1) demand, buy, receive, accept as a gift or as security for an exte…

§ 4036. Stocks and bonds Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to stocks and bonds authorizes the agent to: (1) buy, sell, and exchange stocks and bonds; (2) establish, continue, modify, or termina…

§ 4037. Commodities and options Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to commodities and options authorizes the agent to: (1) buy, sell, exchange, assign, settle, and exercise commodity futures con…

§ 4038. Banks and other financial institutions Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to banks and other financial institutions authorizes the agent to: (1) continue, modify, and terminate an accoun…

§ 4039. Operation of entity or business Subject to the terms of a document or an agreement governing an entity or an entity ownership interest, and unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to operatio…

§ 4040. Insurance and annuities Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to: (1) continue, pay the premium or make a contribution on, modify, exchange, …

§ 4041. Estates, trusts, and other beneficial interests (a) As used in this section, “estate, trust, or other beneficial interest” means a trust, probate estate, guardianship, conservatorship, escrow, or custodianship or a fund from which the principal is, may become, or claims t…

§ 4042. Claims and litigation Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to claims and litigation authorizes the agent to: (1) assert and maintain before a court or administrative agency a claim, claim …

§ 4043. Personal and family maintenance (a) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to personal and family maintenance authorizes the agent to: (1) perform the acts necessary to maintain the customar…

§ 4044. Benefits from governmental programs or civil or military service (a) As used in this section, “benefits from governmental programs or civil or military service” means any benefit, program, or assistance provided under a statute or regulation, including Social Security, Me…

§ 4045. Retirement plans (a) As used in this section, “retirement plan” means a plan or account created by an employer, the principal, or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary, or owner, inc…

§ 4046. Taxes Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to taxes authorizes the agent to: (1) prepare, sign, and file federal, state, local, and foreign income, gift, payroll, property, Federal Insuran…

§ 4047. Gifts (a) For purposes of this section, “gift” includes a gift for the benefit of a person, including a gift to a trust, an account under chapter 115 of this title (Vermont Uniform Transfers to Minors Act), and a tuition savings account or prepaid tuition plan as defined …

§ 4051. Statutory form power of attorney A document substantially in the following form may be used to create a statutory form power of attorney that has the meaning and effect prescribed by this chapter. VERMONT STATUTORY FORM POWER OF ATTORNEY IMPORTANT INFORMATION This power o…

§ 4052. Statutory short form power of attorney for real estate transactions (a) A document substantially in the following form may be used to create a statutory form power of attorney for a real estate transaction that has the meaning and effect prescribed by this chapter. Nothin…

§ 4053. Agent’s certification The following optional form may be used by an agent to certify facts concerning a power of attorney. AGENT’S CERTIFICATION AS TO THE VALIDITY OF POWER OF ATTORNEY AND AGENT’S AUTHORITY State of_______________________________________ [County] of _____…

§ 4061. Uniformity of application and construction In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among the states that enact it. (Added 2023, No. 60, § 1, eff. July 1, 2023…

§ 4062. Relation to Electronic Signatures in Global and National Commerce Act This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede subsection 101(c) …

§ 4063. Effect on existing powers of attorney Except as otherwise provided in this chapter, on July 1, 2023: (1) this chapter applies to a power of attorney created before, on, or after July 1, 2023; (2) this chapter applies to a judicial proceeding concerning a power of attorney…