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Non-probate assets are those that do not require a courts involvement during the probate process, allowing for a smoother and quicker transfer to beneficiaries. These assets can include life insurance policies, retirement accounts, and properties held in joint tenancy, among others.
Joint Ownership: Joint ownership of property with a right of survivorship can also help avoid probate. In Vermont, property owned jointly with another person, such as a spouse, will automatically transfer to the surviving co-owner upon your death, bypassing probate.
Formal Probate If the person who died owned real estate or if the estate is worth more than $45,000. File either the Inventory Schedule or Affidavit of No Assets and complete the Certificate of Service. File either the Notice to Creditors or Motion to Waive Notice to Creditors and complete the Certificate of Service.
Vermont probate courts are responsible for wills, inventories, estates, guardianships, name changes, adoptions, and relinquishments. Adoption cases over 99 years old are open to the public.
If the decedent died without a will and there is money, real estate or valuable belongings that did not automatically go to other people at the time of death, someone usually a family member or close friend must notify the probate court of the death.
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