Detailed Answer
When someone dies in Vermont, their estate enters probate. A personal representative (executor) manages the process under 14 V.S.A. Chapter 5. Follow these steps:
- Initiate the Probate Process: File a petition with the Probate Division of the Vermont Superior Court. The court issues letters of appointment to the personal representative.
- Locate Estate Assets: Review bank statements, deeds, titles, tax returns and insurance policies. Search safe deposit boxes, digital accounts and mailing addresses.
- Inventory and Appraise Assets: Prepare a detailed inventory listing all real and personal property. For real estate and unique items, obtain professional appraisals. Vermont law requires filing an inventory under 14 V.S.A. § 505.
- Notify Creditors: Publish a notice to creditors in a local newspaper and mail individual notices to known creditors. Creditors generally have four months from publication to file claims under 14 V.S.A. Chapter 5, Articles 7.
- Settle Debts and Expenses: Review all valid creditor claims. Pay funeral expenses, taxes, administrative costs and outstanding debts in priority order per 14 V.S.A. Chapter 5. Disallow unfounded claims.
- File Fiduciary Accountings: Prepare an accounting of receipts, disbursements and distributions. File this report with the court for approval.
- Distribute Remaining Assets: After court approval, distribute estate assets to beneficiaries based on the will or Vermont’s intestacy rules (14 V.S.A. Chapter 7). Obtain receipts and release forms to close the estate.
Disclaimer: This article provides general information under Vermont law and is not legal advice. Consult an attorney to address your specific circumstances.
Helpful Hints
- Keep organized records: maintain a checklist of assets, deadlines and creditor claims.
- Meet all filing deadlines: missing a deadline can extend administration or allow claims after distribution.
- Hire appraisers for real estate and valuable collections to ensure accurate valuations.
- Communicate proactively with beneficiaries to manage expectations.
- Consult an estate attorney if you encounter complex assets, disputes or tax issues.