Chayet & Danzo, LLC Chayet & Danzo, LLC www.Coloradoelderlaw.com
Call for a Free Initial Consultation
Direct 303-872-5980
Toll-Free 888-472-1088
Email Us
Compassion, talent and dedication: guiding colorado families and Their Trusted Advisors During Times of Need

Part 2: What does a Colorado personal representative really do?

Today we will talk about what a Colorado personal representative does to administer the estate he or she has been appointed to handle. Last week, we talked about the fiduciary duties of a personal representative, including duties of loyalty, care and impartiality toward the deceased, heirs and beneficiaries, the court, creditors, government authorities, interested parties, creditors and involved professionals. 

But what are the actual tasks that an executor must complete while acting as a fiduciary? Probating an estate involves gathering detailed information, adherence to legal and court requirements, meeting deadlines, completing legal documents and more.

Formal or informal 

First, Colorado estates can be probated either informally or formally. Informal administration has less court involvement and can be quicker and cheaper. Generally, interested parties agree about important matters. 

Formal probate has heightened court involvement and tends to involve estates where heir and beneficiaries are in more conflict. If no will is found, the probate must be conducted formally. 

Opening to closing 

The Colorado Bar Association estimates that most Colorado estates can be completely probated in about a year. Broadly, probating an estate — whether according to a will or under the direction of Colorado law if there is no valid will — is a process that usually follows a general path (informal probate has fewer requirements): 

  • Opening the estate
  • Providing official notices to interested parties throughout the probate process
  • Conducting an inventory of the decedent’s property and assets
  • Paying money allowances to family members as allowed by law
  • Preserving and managing assets such as, for example, paying property taxes on real estate, paying maintenance fees on financial accounts or arranging for routine maintenance on a home
  • Paying valid bills and claims against the estate, including taxes for the decedent personally and for the estate itself
  • Transferring property, money and assets of the estate to proper heirs and beneficiaries
  • Closing the estate 

To complete these tasks, it is often necessary and smart to engage an attorney for guidance and help completing detailed legal documents, meeting deadlines and explaining the nature of legal duties. A personal representative may also need to consult other professionals like accountants or appraisers.

 

 

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
  • Proud Sponsor 2015-Denver Colorado Senior Law Day
  • Peer Review Rated For Ethical standards & Legal Ability TM Martindale Hubbell
  • Haystack