Inventory, Appraisal, and Accounts

V.S.A. tit. 14, ch. 63

in effect

14 V.S.A. § 1051 Inventory

1051. Inventory Within 60 days after appointment, an executor or administrator, who is not a special administrator or a successor to another representative who has previously discharged this duty, shall prepare an inventory of property owned by the decedent at the time of death, listing it with reasonable detail, and indicating as to each listed item, its fair market value as of the date of the decedent’s death, and the type and amount of any lien or encumbrance that may exist with reference to any item. The executor or administrator shall file the original of the inventory with the Probate Division of the Superior Court, and shall serve copies as provided by the Rules of Probate Procedure. The time for filing the inventory may be extended by the court for good cause. Amended 1975, No. 240 (Adj. Sess.), § 2; 1985, No. 144 (Adj. Sess.), § 53; 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011; 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1052 Appraisers

1052. Appraisers The executor or administrator may employ one or more qualified and disinterested appraisers to assist in ascertaining the fair market value as of the date of the decedent’s death of any assets the value of which may be subject to reasonable doubt. The names and addresses of any appraisers shall be indicated on the inventory with the item or items appraised. Amended 1975, No. 240 (Adj. Sess.), § 3; 1985, No. 144 (Adj. Sess.), § 54; 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1053 Supplemental inventory

1053. Supplemental inventory (a) If the executor or administrator learns of the existence of any property not included in the original inventory or learns that the value or description indicated in the original inventory for any item is erroneous or misleading, the executor or administrator shall: (1) make a supplementary inventory or appraisal showing the market value as of the date of the decedent’s death of the new item or the revised market value or descriptions, and the appraisals or other data relied upon, if any; and (2) file the supplementary inventory or appraisal with the court and serve copies of it as provided by the Rules of Probate Procedure. (b) Upon motion filed within 30 days after the filing of an original or supplemental inventory by any creditor having a claim of more than $1,000.00, or by any heir, devisee, or legatee entitled to property or cash of value of more than $500.00 on distribution of the estate, the court shall hold a hearing and may appoint one or more special appraisers to reappraise any item of property reported in the inventory or to appraise any property omitted from the inventory. Added 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1054 Assets not inventoried

1054. Assets not inventoried Wearing apparel of the deceased or any other member of the household, and provisions and other articles to be consumed or used in the subsistence of the household, shall not be considered as assets of the estate unless, after hearing upon motion, the court finds that an item has intrinsic value in addition to its value for wear or subsistence, or that its inclusion in inventory would otherwise benefit the estate. Amended 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011; 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1055 Accounts of executors and administrators; time of rendering; examination

1055. Accounts of executors and administrators; time of rendering; examination An executor or administrator shall render an account of his or her administration within one year from the time of receiving letters testamentary or of administration, and annually thereafter, or otherwise as ordered by the Probate Division of Superior Court until the estate is wholly settled. The fiduciary may be examined on oath upon any matter relating to the account. Amended 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1056 Liability on bond for neglect

1056. Liability on bond for neglect When an executor or administrator, being duly cited by the Probate Division of the Superior Court, neglects to render a required account, the fiduciary shall be liable on the fiduciary’s bond for the damages which accrue. Amended 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011; 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1057 For what to account

1057. For what to account The accounting of the executor or administrator shall: (1) be done on a cash basis; (2) include the balance at the beginning of the period covered by the accounting, all receipts, all payments, and the balance at the end of the period covered by the accounting; and (3) be prepared on forms provided by the court, or on any spreadsheet or generally accepted software format accepted by the court that provides the required information. Amended 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1058 Not to gain or lose by increase or decrease in value

1058. Not to gain or lose by increase or decrease in value An executor or administrator shall not profit by the increase, nor suffer loss by the decrease or destruction, without the fiduciary’s fault, of any part of the estate. The executor or administrator shall account for any gain or loss incurred when any property is sold for more or less than the inventory value. Amended 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1061 When not accountable for debts due

1061. When not accountable for debts due An executor or administrator shall not be accountable for debts due the deceased if it appears that they remain uncollected without his or her fault. Amended 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1062 Use by executor or administrator

1062. Use by executor or administrator If an executor or administrator uses or occupies any asset of the estate, the executor or administrator shall account for the use or occupancy upon agreement of the interested parties. If the parties do not agree upon the amount to be allowed, the court shall determine the proper amount, with the assistance of a master at the court’s discretion. Amended 1985, No. 144 (Adj. Sess.), § 55; 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1063 Accountable for losses by neglect

1063. Accountable for losses by neglect When an executor or administrator neglects or unreasonably delays to raise money by collecting the debts or selling the real or personal estate of the deceased, or neglects to pay over the money the fiduciary has in his or her hands, and the value of the estate is thereby lessened, or unnecessary cost or interest accrues, or the persons interested suffer loss, the same shall be deemed waste, and the damages sustained may be charged and allowed against the fiduciary in the fiduciary’s account or the fiduciary shall be liable for the damages on the fiduciary’s bond. Amended 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1064 Costs to be allowed

1064. Costs to be allowed The amount paid by an executor or administrator for costs awarded against him or her shall be allowed in the fiduciary account, unless it appears that the action or proceeding in which the costs are taxed was prosecuted or resisted without just cause. Amended 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1065 Fees and expenses

1065. Fees and expenses An executor or administrator shall be allowed necessary expenses in the care, management, and settlement of the estate and reasonable fees for services. When, by will, the deceased makes some other provisions for compensation to the executor, that shall be a full satisfaction for his or her services, unless, by a written instrument filed in the Probate Division of the Superior Court, the executor renounces all claim to the compensation provided by the will, or unless otherwise ordered by the court. Amended 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011; 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1066 Verification; right of heir to be examined

1066. Verification; right of heir to be examined An accounting that is consented to by all interested parties shall be allowed without hearing unless the Probate Division of the Superior Court sets a hearing upon the accounting. At the hearing, the executor or administrator may be examined under oath by the court or interested parties. Interested parties may be examined under oath. An account shall not be rejected for de minimis discrepancies unless the court finds good cause to reject the account on that basis. Amended 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011; 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1067 Notice of accounting

1067. Notice of accounting Before an administration account of an executor or administrator is allowed, notice shall be given as provided by the Rules of Probate Procedure. Amended 1975, No. 240 (Adj. Sess.), § 4; 1985, No. 144 (Adj. Sess.), § 56.

14 V.S.A. § 1068 Surety may intervene and appeal

1068. Surety may intervene and appeal Upon the settlement of the account of an executor, administrator, or other person, a person liable as surety in respect to the account, upon motion, may intervene as a party and may appeal as provided in other cases of appeals from the decision of the Probate Division of the Superior Court. Before the appeal is allowed, the surety shall give a bond to secure the principal from damages and costs and to secure the intervening damages and costs to the adverse party. Amended 1985, No. 144 (Adj. Sess.), § 57; 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011; 2017, No. 195 (Adj. Sess.), § 6.

14 V.S.A. § 1069 Waiver of final accounting

1069. Waiver of final accounting If an estate has been open for at least six months and the remaining assets include no real estate, a final accounting may be waived if the executor or administrator files with the court: (1) the fiduciary’s verified representation that all claims and all other obligations of the estate have been satisfied; (2) a schedule of remaining assets to be distributed; (3) a schedule of proposed distribution; (4) a waiver of a final accounting and consent to the proposed distribution by all interested parties; and (5) a tax clearance from the Vermont Department of Taxes. Added 2017, No. 195 (Adj. Sess.), § 6.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/14/063Fetched: 10/21/2026