by Joseph F
. Cook, Esq.
The median age of Vermont residents is the second highest in our country.1
per cent of our residents are over the age of 65, our nation’s seventh highest percent- age.2
Although an increasing number of es-
tates are settled in Vermont without ben- efit of counsel, these demographic trends mean that more clients will be turning to us to help them settle estates, especial- ly when real estate is an asset of those es- tates.
When I began practicing law I compiled a comprehensive estate administration checklist to help guide families through what can seem like the daunting process of probate. This checklist derives largely from my experience as a bank trust officer be- fore I attended law school. I updated this checklist recently, and it may be download- ed from our firm’s website.3
As I was updat-
ing this checklist, I realized that I learned several things while settling estates in Ver- mont over the last thirty years that might help other practitioners and their staffs to help guide executors and administrators (“executors”) through probate. Family members often call our office dis- traught, not knowing where to begin to set- tle the estates of their loved one. I begin by sending, delivering, or e-mailing them our estate administration checklist. At the end of that checklist is a list of the documents that we will need to get started. It includes the death certificate, will, bank, brokerage and individual retirement account state- ments, life insurance policies, deeds, mort- gage deeds and statements, property tax bills, the decedent’s last year’s income tax return, the funeral bill, and the names and addresses of the heirs and any other indi- viduals or institutions that are named in the will. I ask them to bring as many of these documents as they are able to assemble to our initial conference.
My objective at our initial conference is to draft all of the documents that are re- quired in order to have the will allowed by the probate division of the superior court, and the executor appointed. I review our checklist with the executor and family members, and we discuss who will be ad- dressing the various aspects of administra- tion. To minimize expenses, I try to dele- gate as much as possible to executors. For example, I encourage them to arrange for any appraisals that might be appropriate, and collect the proceeds of any life insur- ance policies and individual retirement ac- counts, which usually pass through bene- ficiary designation outside of the probate estate. If the executor plans to charge the estate for their time, mileage and disburse-
www.vtbar.org THE VERMONT BAR JOURNAL • SPRING 2012 23
Probate Administration in Vermont Fifteen
ments, I advise them to keep accurate re- cords, as statements will be required for their accounting to the court.
I usually ask executors to obtain the con- sent of all of the heirs to the allowance of the purported will and their appointment.4 If there is an unusual number of heirs, or if some of those heirs have been disinherited in the will, I ask the probate division of the superior court to schedule a hearing for the allowance of the will.5 As we get older, many of us become
more forgetful. Tax refunds, dividend checks, securities, and bank accounts of- ten find their way to the Vermont State Treasurer’s Office of Unclaimed Property. It only takes a few seconds to search for that property online. At our initial conference I also apply online for an employer identifi- cation number for the estate, as it will be required in order to open a bank checking or brokerage account. I request a copy of the executor’s driver’s license, since banks are now required to verify their identity in order to establish an account as result of the Patriot Act.6
The most daunting and expensive obli- gation for executors involves preparing an accounting to the probate division of the superior court, and having that account- ing balance. With some forethought and the cooperation of your clients, the prep- aration of those accountings can be sim- plified and expedited. I encourage exec- utors to let us write the estate checks for
them to sign, either make deposits or have them provide us copies of those deposits, and authorize us to receive duplicate bank statements. Paralegals in our office write those checks and reconcile our estate ac- counts.
After we receive our client’s Certificate of Appointment from the probate divi- sion of the superior court, I fax that Certifi- cate of Appointment, the death certificate, the estate’s employer identification num- ber, and the executor’s driver’s license to a bank or brokerage firm, and ask them to fax me a starter check. I order those checks online, and they arrive within a few days. Those checks are compatible with Quicken, which is networked in our office, and are formatted to print on our office printers. I established categories in Quicken to coin- cide with Form 56A, the probate account- ing. Our paralegals assign each check a category as they write them. Although appraisals of real and person-
al property are not required for estate in- ventories,7
I often advise executors to ob-
tain them. If real property is to be sold, an appraisal can be invaluable in negotiating the sale of that property without a bro- ker, and helps to establish an asking price when it is listed with a broker. In addition, the amount reflected on the inventory for the estate becomes its basis for determin- ing gain or loss on the subsequent sale of property.8
With tangible personal property, an appraisal can enable family members to
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