Detailed Answer
Streamlining probate in Vermont begins with gathering critical information and documents before death. Proper preparation helps your personal representative act swiftly, reduce court delays, and lower costs.
1. Estate Planning Documents
- Last Will and Testament: Provide the original will and any codicils.
- Revocable and Irrevocable Trusts: Include trust instruments and funding schedules.
- Powers of Attorney: Financial and health care authorizations.
- Advance Directives: Living wills and health care proxies.
2. Asset Records
- Real Estate Deeds: Property deeds, mortgage statements, and title insurance policies.
- Vehicle Titles: Car, boat, and recreational vehicle titles.
- Personal Property Inventory: List high-value items like jewelry, artwork, and collectibles.
3. Financial Accounts and Debts
- Bank and Investment Statements: Account numbers for checking, savings, brokerage, and retirement.
- Life Insurance Policies: Policy numbers, coverage details, and beneficiary designations.
- Loans and Credit Cards: Mortgages, auto loans, student loans, and credit card statements.
- Safe Deposit Box: Location, key, and inventory of contents.
4. Personal and Digital Information
- Account Credentials: Usernames and passwords for online accounts (email, social media, cloud storage).
- Digital Assets: Cryptocurrency wallets, domain registrations, and digital photo storage.
- Professional Contacts: Contact details for the estate planning attorney, accountant, and financial advisor.
- Prepaid Funeral Arrangements: Burial plans and funeral service contracts.
Vermont Probate Requirements
Under Vermont law, a personal representative must file an inventory of the estate’s assets within three months after appointment. See 14 V.S.A. § 310 (legislature.vermont.gov/statutes/section/14/179/00310).
The personal representative must also prepare accountings when directed by the court. See 14 V.S.A. § 318 (legislature.vermont.gov/statutes/section/14/179/00318).
Disclaimer: This article is for educational purposes and does not constitute legal advice. Consult a Vermont probate attorney to address your specific situation.
Helpful Hints
- Store originals and one copy of each document in a secure, easily accessible location.
- Notify your personal representative where to find passwords and keys.
- Review and update beneficiary designations periodically.
- Maintain an up-to-date list of assets and debts every year.
- Consider a letter of instruction to guide your personal representative through your wishes.