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700-00401 Guidance: Affidavit of Administration (Vermont)

The 700-00401 Affidavit of Administration form is used by an executor or administrator of an estate in Vermont to officially declare that there are no outstanding debts or taxes owed by the decedent's estate, and that the estate administration has been completed within the legal timeframe. Jump to guide on filling it out.

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Tips for filling out form 700-00401

When completing form 700-00401, pay special attention to these less obvious sections:

Item 1

Outstanding Expenses

Ensure you have thoroughly reviewed any potential obligations or debts of the estate. Consider consulting with an accountant if the estate had complex financial dealings, as seemingly resolved issues might have lingering elements that could constitute 'outstanding expenses'.
Item 2

Tax Clearance

Obtaining a tax clearance isn't just a formality—it requires confirmation from the Vermont Department of Taxes that all tax obligations have been satisfied. Initiate this process early, as it may take time to obtain all necessary documentation and confirmation.
Item 3

Timing

This affidavit must be filed between six months and one year after your appointment as executor/administrator. Mark your calendar to ensure you comply with this timeframe, as filing too early or late could impact the finalization of the estate.
Item 4

Legal Accuracy

Verifying compliance with sections 14 V.S.A. §1851 - §1854 requires a good understanding of Vermont probate law. Consider consulting with a legal professional if you're unsure whether all procedural requirements have been met.

What to do after filing form 700-00401

1
Verify receipt of the filed Affidavit of Administration form from the Probate Division to ensure it has been officially recorded.
2
Wait for a confirmation or notice from the court indicating that the estate administration has been officially closed, as they may require additional documentation or steps.
3
Ensure that all beneficiaries receive any distributions owed to them, if they haven't been distributed already, according to the terms of the will or state law.
4
If applicable, file any final tax returns for the deceased, ensuring any remaining obligations to the state or IRS are satisfied.
5
Maintain comprehensive records of all transactions and communications regarding the estate for at least a few years, in case of any future inquiries or disputes.
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