Detailed Answer
Under Vermont law, a year’s allowance (often called a “family allowance”) guarantees the surviving spouse and minor children a reasonable amount of personal property from the decedent’s estate to support them during probate. This allowance comes exclusively from personal property, not real property.
To qualify and to calculate the allowance, the executor or administrator must file an estate inventory with the probate court. Vermont law requires this inventory to itemize all personal property assets of the estate—bank accounts, vehicles, jewelry, household goods and other tangible items—assigning each a fair market value. The court reviews the inventory to confirm that the estate holds sufficient personal property to satisfy the family allowance before paying creditors and distributing the remainder.
Failure to list assets accurately can delay court approval or expose the fiduciary to liability for under- or over-valuing estate assets. You may group minor items (for example, household furnishings) into categories, provided each category is clearly described and valued. However, high-value or unique items (like real property interests or business ownership interests) must be listed and appraised individually.
Key statutes:
- Family allowance: 14 V.S.A. § 397
- Probate inventories: Chapter 91, Probate and Administration of Estates
Helpful Hints
- Start early. Gather bank statements, vehicle titles, jewelry appraisals and receipts for valuable items before filing.
- Use fair market values as of the date of death. Online valuation guides or professional appraisals can help.
- Group low-value household items into well-defined categories (e.g., “living room furniture – $1,200”).
- Separate unique or high-value items (artwork, collectibles, business interests) and provide individual appraisals.
- File the inventory on time. Vermont law typically requires submission within three months of appointment.
- Consult the probate court’s local rules—they often list formatting requirements for inventories and appraisals.
Disclaimer: This article is for informational purposes and does not constitute legal advice. Consult a qualified attorney for guidance on your specific situation.