The bill H.546, introduced by Representative LaLonde, seeks to implement the Uniform Disclaimer of Property Interests Act in Vermont by establishing a new chapter, Chapter 129, titled "Vermont Disclaimer of Property Interests Act." This legislation provides comprehensive definitions and procedures for disclaiming interests in property, including powers of appointment. It outlines the requirements for a valid disclaimer, which must be in writing, signed, and appropriately delivered or filed. The bill also clarifies the effects of disclaiming property interests, including distribution methods for disclaimed interests and conditions for irrevocability, while ensuring that disclaimers do not equate to a transfer or assignment of property.

Additionally, the bill introduces new provisions regarding disclaimers by appointees, fiduciaries, and agents, detailing the necessary delivery processes to relevant parties and stipulating that disclaimers must be filed with a court if no fiduciary is serving. It establishes conditions that may bar or limit disclaimers, such as acceptance of the interest, and clarifies the treatment of disclaimers under the Internal Revenue Code. The bill repeals the existing Uniform Disclaimer of Property Interests Act to promote uniformity across states and includes a severability clause to maintain the enforceability of remaining provisions if any part is deemed invalid. The act is set to take effect upon passage, aiming to streamline and clarify the legal framework surrounding property disclaimers in Vermont.