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As Executor or Administrator what are my duties? |
In short, your duties are to establish the contents of the estate, pay off all valid debts, and to distribute the remainder of the estate to the beneficiaries when a decree of the Court has been issued. The Judge will inform you of your exact responsibilities when you are appointed executor or administrator. The Vermont Probate Court System puts out a helpful pamphlet entitled "Instructions To Fiduciaries" which you can obtain from any Probate Court or download fromwww.vermontjudiciary.org. If you have more detailed questions about your duties, it is best to contact either a lawyer who deals with probate or the Probate Court.
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Do I need a lawyer to open an estate? |
While it is advisable and cost-effective to have a lawyer in certain estates, it is not required that you have a lawyer to open an estate. Any interested person may file a petition with the Probate Court to open the estate. However, if you are unsure of your duties or your rights, it is best to obtain legal counsel to avoid mistakes during the probate process or to assure that your rights are protected.
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How do I go about objecting to a will? |
If you disagree that the will being proposed is valid, you should seek legal advice. If you are in possession of a more recent will, you should present it to the Probate Court. A will contest is litigation which can be complex and technical. A lawyer can advise you about your rights and your best course of action.
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How do I make a claim against an estate? |
A claim against an estate must be filed with the Probate Court in which the estate is pending and with the Executor or Administrator. There may be a time limitation, after which your claim will not be honored, so it is important to file your claim as soon as possible to avoid being barred by a time limit. You may seek a written negotiated settlement of the claim with the Executor or Administrator. There are special rules concerning evidence of such claims, so you should prepare documentation of the claim. Probate Court Form 34 may be used to make your claim.
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How much does it cost to probate an estate? |
Please see the listing of Court fees on the General Information Page. The Court is not in a position to estimate the amount of non-Court fees that may be involved. If you are seeking specific information as to the entire cost, it would be advisable to consult an attorney.
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I am a fiduciary – how do I go about becoming bonded? |
The Court will advise you what kind of bond is required. Sometimes the Court waives a surety. In this case, you simply read and sign the bond before a witness and return it. If a personal surety is required, often you need a financially responsible person to join with you in the obligation of the bond. If you violate your duties and cause a loss, both you and the surety are potentially liable on the bond. If a commercial surety is required, then you should speak with insurance companies to locate an insurer who writes fiduciary bonds. There will be a bonding fee for this sort of surety depending upon the amount of the bond.
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I have a very small estate – does it need to be probated? |
If there is titled property (motor vehicles, stocks, bank account, real estate) it is likely that a probate estate will be necessary. There are special expedited procedures for certain estates valued at less than $10,000, or where the estate consists of only a motor vehicle. Contact the Court to see if you qualify.
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I have been named as executor in a will but do not want to take on the job what do I do? |
The Court will not force you to be executor if you do not want to. In fact, if you are unsure of you ability to handle the duties or lack the time needed, it may be best for you to refuse the appointment. Executors who cannot give an adequate amount of time and effort to an estate can damage the estate and open themselves up for liability. To refuse the appointment of executor, you simply have to inform the Court in writing of your decision to refuse the appointment. Once you have refused, the Court will either recognize another person named in the will as executor, or may appoint an administrator.
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If I have debts at the time of my death, how do they affect the terms of my will? |
Your estate is responsible for any debts that you accrued prior to your death and expenses of settling your estate. These debts must be satisfied before the remainder of your estate can be distributed to your heirs. The priority of the debts is established according to statute. If your estate is not large enough to pay all of the debts, those with highest priority will be paid until the estate is depleted. The debts will first be paid from any amount of cash that is included within your estate. If the cash is insufficient to cover your debts, then personal property or real property may have to be sold. The priority of debt to be paid is set forth in 14 V.S.A. ' 1205.
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If I have set up trusts do I still need to have a will? |
Estate planning experts generally agree that everyone should have a will, even if they have a trust. Many times, people obtain property after trusts are set up and the new property may not be included in the trusts. If there is no will, the un-included property can only pass according to statute, which may not coincide with your wishes. Also, if the trusts were improperly set up and are not considered valid, then, without a will the property can only pass according to statute.
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