License To Mortgage Or Lease

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

License To Mortgage Or Lease is a commonly used form within Vermont. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

Atticus Fast Facts About License To Mortgage Or Lease

Sometimes it’s tough to find a quick summary— here’s the important details you should know about License To Mortgage Or Lease:

• This form pertains to the State of Vermont

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about Vermont’s Form 700-00040 - License To Mortgage Or Lease up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Vermont form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some Vermont probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form 700-00040, take a break, and then review. Probate and estate settlement processes in VT are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form 700-00040 online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form 700-00040 witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit License To Mortgage Or Lease to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

Need help getting in touch with a local probate court or identifying a domicile probate jurisdiction?

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in Vermont.

5 reasons you should submit 700-00040 as quickly as possible:

1. The sooner you begin, the faster Vermont can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in Vermont. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of Vermont is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for Vermont probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local Vermont probate clerk or court for exact answers regarding Form 700-00040, and when in doubt— consult a qualified trust & estates lawyer for that area.

License To Mortgage Or Lease is one of the many probate court forms available for download through Atticus.

It may also be available through some Vermont probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within Vermont.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form 700-00040 - License To Mortgage Or Lease f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the Vermont probate court office.

License To Mortgage Or Lease is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any Vermont-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on Vermont Form 700-00040 - License To Mortgage Or Lease. You can use this to get an idea of the context of the form and what type of information is needed.

700-00040 – License to Mortgage or Lease (11/2018) Page 1 of 1 STATE OF VERMONT SUPERIOR COURT PROBATE DIVISION Unit Docket No. In re the Estate of: LICENSE TO MORTGAGE OR LEASE ☐ Real Property ☐ Personal Property TO: ________________________________________________ On _______________, you filed a motion for a license to mortgage or lease certain property located in the Town of ____________________, County of ____________________, Vermont. The property is described as ☐ Real Estate ☐ Personal Property consisting of: (Description of Property for Real Estate - include Land Records information) __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ Findings with respect to notice and hearing:  The motion was accompanied by the consent of all interested persons; or  A hearing was held as required by statute and notice of hearing sent to all parties; or  Notice and hearing were waived because power was expressly conferred by Article ______________ of the Will. Findings with respect to the requested transaction:  The transaction is authorized by Article ______________ of the decedent’s Will.  Decedent was under contract to mortgage or lease the property at the time of death.  The transaction appears necessary to pay the obligations of the estate or to preserve property.  The transaction would aid in distribution or otherwise benefit the interested persons.  The lease includes decedent’s homestead, but there is no surviving spouse.  The lease includes decedent’s homestead and the surviving spouse has waived his/her right to the homestead. Therefore, it is hereby ORDERED that the property may be mortgaged or leased as requested, and you are licensed, authorized and empowered in your fiduciary capacity to complete the transaction as requested, subject to:  No Terms  Terms as described below: (include amount, term and interest rate of mortgage or term of lease) __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ You shall report the details of the transaction in writing as soon as practicable after the it has been completed, including the date and manner of the transaction, the amount of any proceeds, the person to whom the property was mortgaged or leased, and a description of the property. _________________ ______________________________________________ Dated Judge’s Signature ______________________________________________ Printed Name