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Posts tagged "Estate Administration & Probate"

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.

Two years later still interpreting Prince’s wishes

Hard to believe as it is, the artist passed away two years ago in April 2016. In the meantime, his home at Paisley Park has been turned into a public museum. And his $100 to $300 million-dollar estate is still being fought over by a sibling and half-siblings.

Part I: Was a pay-on-death decision a mistake?

A recent Colorado Court of Appeals illustrates what can go wrong following the death of a loved one. From determining whether what a parent did was a mistake or part of a plan to flawed attempts to avoid litigation, the case raises issues about pay-on-death designations, special needs trusts and conservatorship fiduciary responsibilities.

Do you have to pay off parents’ credit card debt after death?

Regardless of what a collector claims on the phone, you are not legally responsible to pay a credit card bill in most cases. A collections agent may cite “moral obligation” to exploit your desire to do the right thing, but you cannot let a debt collector play on your emotions.

Why the terms beneficiary and heir are not interchangeable

It is possible to be a beneficiary of a will, but not an heir. Yet heirs are not always beneficiaries. You do not have to leave your assets to your spouse, child or sibling (your technical ‘heirs’). You may want to set aside funds in a pet trust for your dog or make a large gift to a charitable organization.

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