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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 is involved in executing an estate?

| Jan 14, 2021 | Executors & Fiduciaries |

One of the most important things to consider when creating an estate plan is who to name as your estate executor. It is a big responsibility with potentially minimal reward. You could choose a family member or friend. Alternatively, you could opt for someone who does it in a professional capacity.

Some of the executor’s responsibilities

To make the correct choice of executor, you need to understand what the role involves. Here are the main jobs:

  • Paying for the funeral: This is the first task. While the executor does not need to organize the funeral, they are the person empowered to pay for it from your estate.
  • Tracking down all the assets: The executor needs to ensure they have a complete inventory of all the assets. If you do not leave clear instructions on what you own and how to access it, this could take considerable time.
  • Notifying people: The executor must inform anyone named as a beneficiary that you have died.
  • Settling debts: If you owe money to anyone, they can claim against your estate. Smart estate planning, such as the use of trusts, can protect your assets from creditors.
  • Settling taxes: The executor has to get your estate valued and pay any relevant taxes.
  • Distributing the estate: Once the executor has paid the creditors and taxes, they can finally distribute your estate to your beneficiaries.

As you can see from the above list, there is a lot involved in being an executor. You can make it more straightforward for them by keeping your estate plan updated and providing as much information as possible.

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