Bill > H0546

This bill enacts the Vermont Uniform Disclaimer of Property Interests Act, establishing a comprehensive framework for individuals and fiduciaries to refuse or "disclaim" an interest in or power over property. A disclaimer is a formal refusal to accept an inheritance, gift, or other property right, and it can be made for various types of property, including those held jointly or subject to powers of appointment. The Act defines key terms like "disclaimant" (the person who would have received the property), "disclaimed interest" (the property itself), and "fiduciary" (someone acting on behalf of another, like a trustee or personal representative). It outlines the general requirements for a valid disclaimer, including it being in writing, signed, and properly delivered or filed, and specifies when such a disclaimer becomes irrevocable. The bill also details how disclaimed interests pass, addressing scenarios like jointly held property and powers of appointment, and clarifies when a disclaimer might be barred, such as if the person has already accepted the property. Importantly, it ensures that disclaimers can be made even if the creator of the interest imposed restrictions, and it allows for tax-qualified disclaimers that are treated as if the property was never transferred to the disclaimant for tax purposes. This new Act replaces a previous version of the Uniform Disclaimer of Property Interests Act.

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https://legislature.vermont.gov/bill/status/2026/H.546