Chayet & Danzo, LLC Chayet & Danzo, LLC www.Coloradoelderlaw.com
Law Pay

Call for a Free Initial Consultation

Direct 303-872-5980
Toll-Free 888-472-1088
Email Us

COVID-19 NOTICE:

After careful review of the COVID-19 environment, the law firm of Chayet & Danzo, LLC, will be conducting in-person appointments in our offices on a limited basis and with strict social distancing protocols.

During this time, our team will continue to diligently work remotely on all client matters and will maintain communication through email, telephone, and video conferencing. Our main office number, (303) 355-8500 will continue to be answered during our normal business hours of 8:00 a.m. to 5 p.m. Monday - Thursday and 8:00 a.m. to 4:00 p.m. on Fridays.

This decision to have limited appointments in-office while following strict social distancing protocols is in the best interest and health of our team, clients and community.

We will continue accepting new clients during this period as well as fully servicing our existing clients.

We wish you and your family continued health during these unique and challenging times.

Compassion, talent and dedication: guiding colorado families and Their Trusted Advisors During Times of Need

What do you need to include in a final estate accounting?

With any Colorado estate that requires probate court review, a final accounting summarizes receipts and payments during the estate administration process and remaining assets to disburse to heirs. The Colorado Judicial Branch provides standard forms that can help with organization.

What the state judiciary does not provide is tailored legal advice, however. And once named personal representative in a will, it is likely you will encounter various legal issues.

 

The road to a final accounting

So, where do you start.

First, don’t rush into the process while still under significant emotional stress. You should start the process within six months after a loved one’s death though. While still working with a funeral home, request multiple copies of the death certificate, you will need these for banks and insurance companies.

Then, meet with an attorney who represents personal representatives and other fiduciaries is one way to better understand your role. One common mistake is trying to do everything yourself and not looping in help from a professional.

The original will and trust documents will provide a guide and you should closely review these documents. Compile expenses related to the death such as final medical bills that will be necessary for the final tax return.

Locating all assets and squaring away remaining debts

This is generally where the bulk of the work occurs and you may begin to feel like a detective. It’s also where you discover just how organized your loved one was.

Some starting places to look for assets include:

  • Bank account and investment statements
  • Retirement accounts (Were any survivor benefits tied to a pension? How much might have been left in a 409(K)?)
  • Mortgage or car loan statements
  • Life insurance or annuity policies
  • Past tax returns
  • The run-of-the-mill bills – credit cards, cable, utilities, property insurance and/or taxes.

Without close attention to detail, it is easy to miss an account or leave a bill unpaid. While the process takes a lot of work, by the time you get to the final tax return and estate accounting you should already have all the information you need.

No Comments

Leave a comment
Comment Information

Watch Our Firm Video

We are the premier Elder Law firm in the Colorado region. We set ourselves apart from other law firms in the area with our talent, dedication, compassion and ability of our attorneys to handle any case in Elder Law. We serve Colorado families with experience and dignity in your time of need.

View More Videos

Denver Office
650 S.Cherry St., Suite 710
Denver, CO 80246

Toll Free: 1-888-472-1088
Phone: 303-872-5980
Fax: 303-355-8501
Denver Law Office Map

Edwards Office
105 Edwards Village Blvd.
#D-201
Edwards, CO 81632

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Edwards Law Office Map

Aspen Office
600 East Hopkins Avenue
Suite 301
Aspen, CO 81611

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Aspen Law Office Map

  • Rated by Super Lawyers Macro Chayet SuperLawyers.com
  • Rated by Super Lawyers Frank J. Danzo, III  SuperLawyers.com
  • Member National Academy of Elder Law Attorneys, Inc. TM
  • Avvo Rating 10.0 Superb Top Attorney Elder Law
  • 2015 Five Star Professional Wealth Manager Multi-Year Winner
  • Our new 2015 Medicaid Book: how to protect your Family's Assets from devastating nursing home costs
  • Peer Review Rated For Ethical standards & Legal Ability TM Martindale Hubbell