If you're the executor of a Vermont estate, you'll need to create a complete inventory of everything the deceased person owned. Completing the probate inventory affidavit is a major step in the process, and getting it right is important. This document is filed with the probate court and provides a transparent accounting for heirs, creditors, and the court itself. It's often a required part of the formal probate process.

What is a Vermont Probate Inventory Affidavit?

An inventory affidavit is a sworn, itemized list of the deceased person's assets and their estimated values at the date of death. In Vermont, it's a legal document you submit to the probate court after you've been officially appointed as the executor. The inventory serves as a formal record. It helps ensure all assets are accounted for before any distribution or sale.

When Do You Need to Complete and File the Inventory?

You usually file the inventory affidavit after the court has formally appointed you, which happens during the initial steps in probate court. Vermont law sets a deadline, typically within 90 days after your appointment, but you should check the specific order from your probate court. The timing is linked to other duties, like preparing the final estate account for settlement.

What Assets Should Be Listed?

You need to list all probate assets. This generally includes things owned solely by the deceased person. Common examples are:

  • Real estate located in Vermont (like a house or land).
  • Bank accounts, stocks, and bonds.
  • Vehicles, boats, and trailers.
  • Personal belongings like furniture, jewelry, and collectibles.
  • Business interests if the person was a sole proprietor.

Do not include assets that bypass probate, like life insurance payouts with a named beneficiary, or property held in a trust.

How to Value the Assets on the Inventory

You must list a fair market value for each item as of the date of death. For some assets, this is straightforward. A bank statement shows the exact balance. For others, you'll need to make a reasonable estimate.

For real estate, you might use a recent tax assessment or get a quick market appraisal. For a car, you can check an online pricing guide. For household items, you might group similar items ("living room furniture") and give a total estimated value rather than listing every single chair. The goal is a reasonable, honest valuation.

Common Mistakes to Avoid

A few errors can create problems later:

  • Missing assets: Forgetting to list an old savings account or a storage unit full of items.
  • Incorrect values: Overvaluing or undervaluing items significantly, which can affect tax calculations or fairness to heirs.
  • Including non-probate assets: Putting a jointly-owned house or a payable-on-death account on the list, which shouldn't be there.
  • Poor description: Writing "various antiques" instead of "19th-century oak dining table and six chairs." Be specific enough for identification.

Practical Tips for Completing the Vermont Form

Most Vermont probate courts use a standard inventory affidavit form. You can get it from your local court or their website.

Tip 1: Organize before you write. Go through records, mail, and the home systematically. Create your own working list first.

Tip 2: Be thorough but concise. You don't need to list every paperback book, but you should list a library of valuable first editions.

Tip 3: Attach supporting documents. If you have an appraisal or a statement, attach a copy. It supports your listed value.

Tip 4: Sign and swear honestly. You are signing under oath. Accuracy is a key part of your executor duties and responsibilities.

What Happens After You File the Inventory?

The court reviews and accepts the affidavit. It becomes part of the permanent probate record. This inventory is then the basis for later steps. You'll use it to manage estate taxes, pay valid claims, and eventually distribute assets to heirs. It also serves as a reference when you prepare the final estate account for settlement, showing what assets were there at the start.

Your work on the inventory can also relate to how you calculate your executor fee for probate administration, as fees are sometimes based on the total estate value you've documented.

A Checklist Before You File Your Vermont Inventory Affidavit

  • Have you been formally appointed as executor by the probate court?
  • Did you use the correct, current form from your specific Vermont probate court?
  • Have you listed every probate asset you've found, excluding non-probate items?
  • Are the descriptions clear enough for someone else to identify the asset?
  • Is the date-of-death value for each asset a reasonable, honest estimate?
  • Have you attached relevant proof (statements, appraisals) where helpful?
  • Have you signed the affidavit where required?
  • Do you know the filing deadline from your court order and have a plan to meet it?

For the official Vermont statute governing inventories, you can review Title 14, Section 904.

Your next step is to gather all your notes and documents, fill out the court's form carefully, and file it with the probate clerk. Keep a copy for your own records as you move forward with the estate administration.