700-00020 Guidance: Small Estate Administration Bond (Vermont)

The 700-00020 Small Estate Administration Bond form can be an important part of the probate process in Vermont, specifically when administering a small estate. This form is necessary when an individual, named as the executor or administrator of an estate, is required to secure performance of their duties legally through a bond. Typically, the need for this form arises when an estate enters probate, and it ensures the estate is handled according to Vermont law and the existing will, if there is one. - **Before filing:** Prior to needing the Small Estate Administration Bond, an executor would typically file a Petition to Open Probate, which starts the official process of managing the deceased's estate. - **Triggering event:** The issuance of Letters of Administration by the court should prompt the executor to file this bond, so they can carry out their duties as executor. - **Associated actions:** Executors will need to compile a detailed inventory of the decedent’s assets and prepare for regular accounting submissions. In summary, the Small Estate Administration Bond guarantees the executor's proper management and distribution of the estate properly. It acts as a safeguard to protect beneficiaries and encourages adherence to court orders. This ensures all aspects of estate administration are conducted with responsibility and transparently.