Detailed Answer
Under Vermont law, a small estate affidavit lets heirs claim personal property without a formal probate proceeding when an estate qualifies as a small estate. This process appears at 14 V.S.A. § 4056.
1. Determine Eligibility
- Decedent domiciled in Vermont at the time of death.
- Estate consists entirely of personal property (no real estate).
- Gross value of personal property does not exceed $30,000.
- No pending application for probate or administration.
2. Gather Required Information
- Certified copy of the death certificate.
- List of decedent’s name, date of death and Vermont domicile.
- Detailed inventory of assets and approximate values.
- Names, addresses and relationships of heirs or beneficiaries.
- Copy of the will, if one exists.
3. Complete and Sign the Affidavit
- Use an approved form or draft an affidavit referencing the requirements of 14 V.S.A. § 4056.
- State that no probate or administration is pending and that the estate qualifies as a small estate.
- List each asset with its value.
- Sign under oath before a notary public.
4. Present to Property Custodians
Submit the affidavit and a certified death certificate to each custodian (for example, banks or brokerage firms). Some institutions may require additional identification or internal forms.
5. Distribute According to Will or Intestacy
If the decedent left a valid will, distribute assets per its terms. If no will exists, follow Vermont’s intestate succession rules (14 V.S.A. § 255).
Helpful Hints
- Verify the current small estate threshold; it may change over time.
- Some institutions require separate affidavits for each account or item.
- Retain copies of all affidavits and supporting documents for your records.
- Confirm that no creditor claims exist before distributing assets.
- Consider consulting a probate attorney if the estate includes unusual assets or disputes arise.
Disclaimer: This article is for educational purposes and does not constitute legal advice.