Detailed Answer
In Vermont, the probate process involves appointing an executor or administrator, inventorying assets, notifying creditors, settling debts, and distributing the remaining estate. Below is an overview of each key step under Vermont law.
1. Appointment of Executor or Administrator
If the decedent left a valid will, the court appoints the nominated executor. Without a will, the court selects an administrator. This appointment gives legal authority to manage estate affairs (14 V.S.A. § 101).
2. Inventory and Appraisal
Within four months of appointment, the appointed fiduciary must file a complete inventory listing all estate assets—real property, bank accounts, investments, and personal belongings—at fair market value as of the date of death (14 V.S.A. § 101).
3. Notice to Creditors
The executor publishes notice in a local newspaper and mails notices to known creditors. Creditors have up to four months from publication to submit claims against the estate (14 V.S.A. § 306).
4. Paying Debts and Expenses
After claims filing closes, the executor verifies and pays valid debts, funeral expenses, court fees, and estate taxes. Maintaining detailed records of all transactions is crucial for the final accounting.
5. Final Accounting and Petition for Distribution
Once debts and expenses are settled, the executor prepares a final accounting summarizing assets received, debts paid, and remaining property. The executor then petitions the probate court for approval of the accounting and an order directing asset distribution (14 V.S.A. § 309).
6. Distribution Among Heirs
If a will specifies distributions, the executor follows those instructions. Without a will, Vermont’s intestacy laws apply:
- Surviving spouse and descendants: spouse receives the first $100,000 plus half of the remaining estate; children share the balance.
- No spouse: all assets pass equally to children.
- No spouse or descendants: assets go to parents, then siblings, then more distant relatives (14 V.S.A. § 309).
Disclaimer
This article is for informational purposes only and does not constitute legal advice. Consult a licensed Vermont attorney for guidance tailored to your situation.
Helpful Hints
- Keep clear, dated records of each asset and expense.
- Obtain independent appraisals for high-value items.
- Communicate regularly with all heirs to set expectations.
- File notices and documents promptly with the probate court.
- Review potential tax filings, including federal and state estate tax returns.