700-00055 Guidance: Report of Fiduciary for Small Estate (Vermont)

The 700-00055 Report of Fiduciary for Small Estate form is essential when completing probate of a small estate in Vermont. This form is typically used towards the end of the probate proceedings, after the fiduciary has settled the estate's obligations. Before reaching this stage, the fiduciary must complet other necessary steps, such as filing the initial **Petition for Small Estate** form, requesting court authority to manage the decedent’s estate. Once granted, the fiduciary typically pays off any debts, taxes, and expenses related to the estate. - **File the Petition for Small Estate**: To begin the probate process for a small estate, the fiduciary must provide the court with essential details about the deceased and their estate. - **Settle Debts and Expenses**: The fiduciary then pays off all known debts, taxes, funeral expenses, and costs related to managing the estate. - **Distribute the Remaining Estate**: Finally, the fiduciary allocates the remaining estate assets to beneficiaries as per the will (or state law, in the absence of a will). Once these tasks are completed, the fiduciary uses the 700-00055 form to report their actions to the court. This report demonstrates that the fiduciary has fulfilled their duties, allowing the court to discharge them and officially close the estate.