An act relating to the Uniform Directed Trust Act

This bill establishes Vermont's Uniform Directed Trust Act, which creates a legal framework for trusts where a person other than the trustee can direct how the trust is managed. The law defines a "trust director" as someone granted the authority to direct investments, management, or distribution of trust assets without serving as the trustee, while maintaining fiduciary duties similar to those of a trustee. Key provisions clarify when the law applies to trusts based on their administration location, specify which powers are excluded from directed trust rules, and outline the responsibilities and liabilities of trust directors. The bill also includes protections for licensed professionals acting in their professional capacity and sets standards for how trust directors must exercise their powers, including requirements for joint decision-making.