[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Probate Court Address] [City, State, ZIP] Re: Estate of [Deceased Person's Full Name], Docket No. [Estate Docket Number] Dear Honorable [Judge's Last Name] or To Whom It May Concern, I, as the executor/administrator of the estate of the late [Deceased Person's Full Name], hereby notify the probate court of the closure of the estate with no distribution to heirs. I have diligently fulfilled my duties as the executor/administrator and have followed the appropriate legal procedures as required by the Vermont Probate Code. This includes notifying creditors, paying valid claims and taxes, and accounting for all assets and liabilities of the estate. Upon my review of the inventory of the estate, it has been determined that there are no remaining assets or funds available for distribution to the heirs. The estate's assets, after satisfying all liabilities, have been exhausted and there are no remaining funds to be distributed. The estate assets were disbursed as follows: 1. Payment of Funeral and Burial Expenses: The funeral and burial expenses were settled out of the estate funds. A copy of the receipt is enclosed for your records. 2. Payment of Outstanding Debts and Taxes: All valid creditor claims and taxes owed by the deceased have been settled. Receipts and confirmations of payment are enclosed. 3. Administration Costs: The executor/administrator fees, legal fees, and other administrative expenses related to the handling of the estate have been paid from the estate funds. A detailed breakdown of these expenses is attached. 4. Distribution Sought and Reasons for No Distribution: As previously stated, there are no remaining assets, funds, or property to distribute among the heirs. The net value of the estate has been depleted fully by the necessary expenses listed above. Hence, I humbly request that the probate court acknowledge the closure of the estate with no distribution to the heirs, as there are no remaining assets available for allocation. I have attached all relevant documents, including receipts, confirmations, and a detailed accounting of the estate's financial transactions. Please let me know if any further documentation or information is needed for the closure of this estate. Your guidance and attention to this matter are sincerely appreciated. Thank you for your time and consideration. Sincerely, [Your Name] [Executor/Administrator of the Estate] [Contact Information] Enclosures: 1. Funeral and Burial Expense Receipt 2. Receipts for Outstanding Debts and Taxes 3. Detailed breakdown of Administration Costs.
Vermont Sample Letter for Closing of Estate with no Distribution
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How to fill out Vermont Sample Letter For Closing Of Estate With No Distribution?
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FAQ
Formal Probate If the person who died owned real estate or if the estate is worth more than $45,000.
If you are in the trade or business of being an executor, report fees received from the estate as self-employment income on Schedule C (Form 1040), Profit or Loss From Business.
With the distribution of all assets, the executor is said to have ?closed the estate.? But, the executor still retains the power to gather newly discovered assets and address future complaints.
Small Claims Fees Fee typeAmountAffidavit procedure for small estates pursuant to Vermont Rule of Probate Procedure 80.3(h)$50.00Filing fee for estate $10,000 or less$50.00Filing fee for estate $10,001 to $50,000$110.00Filing fee for estate $50,001 to $150,000$265.0034 more rows
It could take anywhere from several months to several years. The process could take longer if there is litigation about the estate, if there are creditors involved, or if there is real estate to be sold. For more on the cost of probating an estate, please see the listing of court fees.
A will, or a last will and testament, is a legal document that describes how you would like your property and other assets to be distributed after your death.
California Probate Fee Calculator: Calculate Attorney & Executor... For the first $100,000 of the estate value, both parties get 4%. For the next $100,000, they get 3%. For the following $800,000, they get 2%. For the next $9 million, they get 1%. For the following $15 million, they get 0.5%.
In Vermont, executor fees are not explicitly defined by statute. Instead, the law allows for "reasonable" compensation, which is determined based on several factors like the complexity of the estate and the amount of work required by the executor.
