Detailed Answer
When someone dies in Vermont, an executor or personal representative must gather assets, settle debts and fees, then calculate what remains for beneficiaries. Follow these steps under Vermont law:
- Inventory All Assets
Prepare a complete list of estate property, including real estate, bank accounts, investments, personal belongings and digital assets. Vermont law requires an inventory within three months of appointment. See 14 VSA §164: https://legislature.vermont.gov/statutes/section/14/059/00164 - Notify Known Creditors
Under 14 VSA §158, you must notify known creditors in writing and publish notice in a local newspaper to allow claims. You typically have six months to receive claims. See 14 VSA §158: https://legislature.vermont.gov/statutes/section/14/059/00158 - File and Review Claims
Creditors submit claims under 14 VSA §156. You must review each claim for validity. File objections in probate court if a claim is inflated or invalid. - Pay Debts and Administrative Expenses
After approving valid claims, pay them from estate funds. Cover funeral costs, taxes, court fees and allowed attorney fees. Vermont courts set fee schedules; see 14 VSA §162 for payment order. - Calculate the Residue
Subtract total debts and administrative costs from the gross value of assets. The remainder, called the residuary estate, passes to beneficiaries under the will or Vermont intestacy laws. For distribution rules, see 14 VSA §169: https://legislature.vermont.gov/statutes/section/14/059/00169
You may prepare a final accounting and petition the probate court to approve distribution. Once approved, transfer the residual assets to heirs or devisees.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance on your specific situation.
Helpful Hints
- Keep thorough records of bank statements, deeds and appraisals to support asset valuations.
- Respond promptly to creditor claims to avoid court objections or penalties.
- Maintain clear communication with beneficiaries throughout the process.
- Consult the Vermont Probate Court website for forms and fee schedules.
- Consider hiring a probate attorney for complex estates or large debts.