Vermont Probate Inventory: Form 700-00030, Deadline, and What to Include

One of the first things Vermont's Probate Division expects from a newly appointed executor is a complete, accurate inventory of the decedent's assets. This is not a rough estimate or a summary — it is a formal legal filing with a hard deadline and specific documentation requirements. Getting it wrong delays the estate and can complicate creditor negotiations. Getting it right gives you a defensible baseline for everything that follows.

The 60-Day Deadline

Under V.R.P.P. Rule 66(a)(1) and 14 V.S.A. § 1051, you must file the Inventory Schedule (Form 700-00030) with the Probate Division within 60 days of your formal appointment as executor or administrator. This clock starts on the date the court issues your Letters Testamentary or Letters of Administration — not the date of death and not the date you filed the petition.

If you need more time, you can request a court-approved extension up to 90 days by showing good cause — for example, real estate that is difficult to value or out-of-state assets that require additional documentation. This extension requires a motion and court approval; it does not happen automatically.

Guardians of protected persons and administrators of small estates face a tighter 30-day window. If you are administering a standard decedent's estate, your deadline is 60 days.

What the Inventory Must List

The inventory must include every asset owned solely by the decedent that passes through the probate estate. Vermont requires you to list each asset at its fair market value as of the exact date of death — not today's value, not what you paid for it, and not what the will says it is worth.

Real property. Each parcel of Vermont real estate must be listed with a description sufficient to identify it (usually the town and the deed book and page reference). If no formal appraisal was done, the inventory must include a copy of the most recent municipal property tax bill showing the town's assessed value. A professional appraisal is required if the property's value is subject to reasonable dispute — for example, if the tax assessed value is significantly different from what you believe the fair market value to be.

Bank accounts and financial accounts. List each account separately: institution name, account type, account number, and the balance as of the date of death. For investment accounts, list the fair market value of each holding as of the date of death. The institution can typically provide a date-of-death valuation statement on request — obtain this in writing.

Motor vehicles. List each vehicle with year, make, model, and VIN. Use the Kelley Blue Book private party value as of the date of death as a reasonable fair market value proxy, or obtain a dealer appraisal if the vehicle is unusual or has collector value.

Mobile homes. Vermont specifically requires a bill of sale or transfer of title document for mobile homes included in the inventory.

Personal property of significant value. Jewelry, fine art, antiques, firearms, collectibles, and similar items must be individually itemized and valued. General household furnishings can be grouped into broad categories with an aggregate estimated value, but do not aggregate any single item that has meaningful value.

Business interests. If the decedent owned an interest in a closely held business, LLC, or partnership, that interest must be listed at fair market value. Valuing business interests is complex — discounts for lack of marketability and minority interest are typically applied, and a qualified business appraiser is usually necessary.

What to Leave Off the Inventory

Not every asset the decedent owned belongs on the probate inventory. Assets with automatic survivorship mechanisms bypass the probate court entirely:

• Joint tenancy with right of survivorship — passes automatically to the surviving co-owner
• Tenants by the entirety — passes automatically to the surviving spouse
• Payable-on-death (POD) bank accounts — transfers directly to the named beneficiary
• Transfer-on-death (TOD) securities accounts — transfers directly to the named beneficiary
• Life insurance policies with a living named beneficiary — payable directly to the beneficiary
• Retirement accounts (IRA, 401(k), pension) with a living named beneficiary — transfers outside probate

Including these assets on the probate inventory is a mistake. The court's jurisdiction extends only to probate assets. Including non-probate assets inflates the estate value figure used to calculate filing fees and can create confusion during the creditor claims process.

If the decedent named the estate itself as beneficiary of a life insurance policy or retirement account — rather than a specific individual — those funds do pass through probate and must be listed.

Documenting Values: What the Court Expects

Vermont courts expect your valuations to be defensible, not necessarily precise to the dollar. The standard is fair market value: what a willing buyer would pay a willing seller, neither being under compulsion to complete the transaction, both having reasonable knowledge of relevant facts. For routine assets, the account statement or tax bill is sufficient documentation. For unusual assets, use a qualified appraiser and attach the appraisal to the inventory filing.

If you later discover an asset that was omitted from the original inventory — because it was unknown at the time, or a safe deposit box was opened revealing additional items — V.R.P.P. Rule 66(a)(2) requires you to file a supplemental inventory promptly. Do not wait until the final accounting to disclose newly discovered assets.

What Happens After Filing

The Probate Division reviews the inventory for completeness. If the court or an interested party identifies omissions or questions a valuation, it may schedule a hearing. For straightforward estates, the inventory is accepted without a hearing if no one files an objection.

The inventory value also determines several downstream obligations: the estate tax filing threshold (currently $4.25 million for Vermont purposes), the scale of any required bond, and the basis for calculating fiduciary compensation. Accurate inventory filing is foundational to everything else in the administration.

The Vermont Probate Process Guide includes a working inventory template aligned to Form 700-00030's requirements, along with a checklist of asset categories and documentation standards — so you can compile the inventory systematically rather than hunting for assets and valuations under deadline pressure.

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