When a loved one dies, you and your family might struggle to find the energy to go through Vermont probate. However, families need to work through this process to ensure they can honor the final wishes of their loved ones when distributing assets according to their wills. Reach out to Rockpoint Probate Funding to receive assistance navigating this complex process.
Understanding the Vermont Probate Process
If your loved one put together a will prior to their death, your family might automatically assume you can distribute the assets listed in it without any legal interventions. However, like other states, Vermont has laws related to the probate process that many families must go through before asset distribution takes place.
Title 14 of the Vermont Statutes deals directly with estates and wills. It lays out when families must work through probate and what steps they need to take to begin distributing their loved one’s assets. Learn more about this process below to make it less confusing.
Does Vermont Require Probate?
Although many states like Vermont require families to file probate paperwork and spend time in probate court, it isn’t always necessary. States often allow those families who inherit small estates to steer clear of probate court. In Vermont, a small estate is considered one with assets totaling less than $45,000. In this case, your family can file a small estate affidavit to avoid probate court.
Otherwise, filing probate paperwork is typically required in Vermont. By going through the probate process, you and your family can prevent fraud or theft from occurring during the distribution of a loved one’s assets.
How Long Do I Have To File Probate in Vermont Following a Loved One’s Death?
Following the death of a loved one, you and your family won’t have much time to file probate paperwork in Vermont. Chapter 3 of Title 14 in the Vermont Statutes provides executors with just 30 days to present copies of the wills for their loved ones to their local probate courts. If your family doesn’t file probate in Vermont quickly enough, it could lead to penalties and delay the probate process.
Can I Avoid the Vermont Probate Process?
Unless your loved one leaves behind what Vermont considers a small estate, you most likely won’t have the opportunity to avoid the probate process. However, there is one other instance in which you might avoid this process altogether.
If your loved one did estate planning at some point and created a living trust, it can keep your family out of probate court. A living trust will transfer ownership of bank accounts, retirement funds, and life insurance policies to the designated beneficiaries when your loved one dies.
How Long Does It Take for the Probate Process in Vermont To Play Out?
The Vermont probate process will take your family at least four months from start to finish. Vermont’s estate laws give creditors up to four months to file claims against a person’s estate after receiving notifications about their deaths. Prepare to wait at least that long for the probate process to end.
Some complications can cause the probate process in Vermont to last even longer. If, for example, your loved one has a huge estate or if your family disagrees over some aspects of your loved one’s will, it could lead to delays. Your family might spend a year or more stuck in probate court.
What Should I Do When a Loved One Dies in Vermont With No Will?
Sadly, many people in Vermont and other parts of the county die without wills. This circumstance can make the Vermont probate process even more complicated than usual for families.
Thankfully, Vermont’s intestate succession laws allow families to seek help from the state when distributing a loved one’s assets. But if your family finds itself in this situation, you’ll also need to relinquish some of the control you would normally have during the probate process.
The state will appoint someone to oversee your loved one’s estate and may also provide them with executor compensation. The state will also allow this person to distribute your loved one’s assets based on this distribution model:
- Spouse
- Children
- Grandchildren
- Parents
- Siblings
- Nieces and nephews
- Grandparents
If no next of kin exists beyond this, the state can claim your loved one’s assets. This is unlikely to happen if any of your loved one’s family members initiate the Vermont probate process.
Is There an Inheritance or Estate Tax in Vermont?
Vermont doesn’t have an inheritance or estate tax, but it may tax estates transferred during the final year of a person’s life. The state may also tax gifts a person gives to their family members during the last year of their life. The values of the estates or gifts in question must exceed a certain threshold for this to apply.
Can I Do Anything To Access an Inheritance Prior to the End of the Vermont Probate Process?
While your inheritance is tied up in probate, you might think there’s no way of getting the money you’re entitled to. If you would like to secure a portion of an inheritance set to come your way, Rockpoint Probate Funding can help by providing probate cash advances. Here’s how you can land one:
- Call Rockpoint Probate Funding and set up a free consultation to discover more about probate cash advances.
- Provide Rockpoint Probate Funding with a copy of your loved one’s will and any probate paperwork your family has filed.
- See whether you qualify for a probate cash advance through Rockpoint Probate Funding and receive it in about one day if you do.
- Repay a probate cash advance from Rockpoint Probate Funding once your inheritance arrives.
Contact Rockopint Probate Funding To Request a Probate Cash Advance
If there is no end in sight in your loved one’s Vermont probate process, call Rockpoint Probate Funding for more information on our probate cash advances. Touch base with us at (888) 263-8588 to discuss your situation with an experienced representative and see whether it might work for you.
