Annotate Legal Vermont Property Settlement Forms For Free

One of the most common ways to avoid probate is to create a living trust. Through a living trust, the person writing the trust (grantor) must "fund the trust" by putting the assets they choose into it. The grantor retains control over the trust's property until their death or incapacitation.

In Vermont, the following assets are subject to probate: Solely-owned property: Any asset that was solely owned by the deceased person with no designated beneficiary is subject to probate. This could include bank accounts, cars, houses, personal belongings, and business interests.

Here's a partial list of assets that may avoid the probate process: Property held in a trust3 Jointly held property (but not common property) Death benefits from insurance policies (unless payable to the estate)4 Property given away before you die. Assets in a pay-on-death account.

V.R.P.P. Rule 80.4, Delivery of Will by Custodian; Copy of Will Filed for Safekeeping. If the decedent (the person who died) did not own any real estate other than a timeshare and the estate is worth less than $45,000.00, you can use the small estate procedure to probate the estate.

As of now, Vermont law does not permit the use of TOD deeds to transfer ownership of real estate. Instead, other estate planning tools, such as joint tenancy or a living trust, can be used to avoid probate for real estate.

Assets properly transferred into the trust are controlled by the terms of the trust. The trustee manages the distribution of estate assets. Thus, assets in the trust are non-probate assets, and there is no need for a probate court proceeding.