An act relating to stewardship trusts

This Vermont bill (S 11) creates a new type of "stewardship trust" specifically for business purposes, allowing owners to transfer business interests (like stocks or partnerships) without needing a definite beneficiary. It directly affects business owners and estate planners who want to pass companies to future generations while maintaining control over how the business is managed. Key provisions establish a three-member "stewardship committee" (with fiduciary duties) to oversee the trust, appoint trust enforcers to protect the trust’s purpose, and allow the committee to make major decisions like removing trustees or directing distributions. The trust must be managed for both economic and non-economic business goals, and its terms dictate how property is distributed upon termination.