The bill establishes Chapter 129, known as the Vermont Uniform Disclaimer of Property Interests Act, which provides a comprehensive legal framework for disclaiming interests in property. It defines essential terms such as "disclaimant," "disclaimed interest," and "fiduciary," and outlines the chapter's applicability to all disclaimers of property interests. Key requirements for an effective disclaimer include a written declaration and proper delivery or filing. The legislation also addresses disclaimers related to jointly held property, powers of appointment, and interests held by trustees, ensuring clarity in the distribution of disclaimed interests, particularly in cases of future interests and intestate succession.

Furthermore, the bill introduces specific provisions regarding disclaimers by fiduciaries and agents, detailing the necessary delivery methods and circumstances that may bar or limit a disclaimer. It clarifies that a disclaimer of a power held in a fiduciary capacity is not affected by prior exercises of that power and establishes the effectiveness of tax-qualified disclaimers under the Internal Revenue Code. The bill repeals the existing Uniform Disclaimer of Property Interests Act to promote uniformity in application across states and is set to take effect upon passage.