§ 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.)
§ 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.)
§ 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.)
§ 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.)
§ 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.)
§ 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.)
§ 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.)
§ 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.)
§§ 1059, 1060. Repealed. 2017, No. 195 (Adj. Sess.), § 6.
§ 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.)
§ 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.)
§ 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.)
§ 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.)
§ 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.)
§ 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.)
§ 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.)
§ 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.)
§ 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.)