The short answer to this question is that a personal representative is the person the court appoints to administer the estate of a deceased person. A valid will may control the estate or if none exists, according to the Colorado intestacy laws.
The National Council on Aging reports that approximately one in ten seniors over the age of 60 have experienced some form of elder abuse. The term itself is very broad and encompasses physical, sexual or emotional abuse along with financial exploitation, neglect and abandonment. What are some of the warning signs?
With every day that passes, adult siblings who grew up together get farther away from their common upbringing. Over time, many relationships become frayed - and often break down altogether after a parent's death gives rise to an inheritance dispute.
In his Super Bowl halftime performance, Justin Timberlake paid tribute to Minnesota native Prince. And a producer who handled the visuals said that Timberlake decided that the “only person who could do Prince justice [was] Prince.” So the performance included video footage projected onto a purple screen from a 1984 Syracuse concert and the movie “Purple Rain.”
In estate planning, probate, guardianship and conservatorship, Colorado courts and individuals appoint people to positions of responsibility, care taking and decision-making. Examples of fiduciaries are personal representatives, trustees, guardians, conservators, persons with powers of attorney, and health care agents.
Financial powers of attorney allow another person (an agent) to transact business on your behalf, including withdrawing money from your banking account or selling property. While simple in concept, it can be easy to make mistakes when using standardized forms.
Whether you are considering who to appoint as a trustee or you have recently accepted an appointment, you need to know what the role entails. The basics are to manage, preserve and administer assets on behalf of another person.
There are many different situations in which a Coloradan could end up having fiduciary duties in relation to a loved one or a loved one’s estate. This is because there are several different fiduciary roles individuals in the state are sometimes named for by a loved one or assigned to in relation to a loved one. Examples of such roles include:
It can be a challenge to change an irrevocable trust. Decanting in the trust context allows a trustee to pour the assets of one trust into another under special circumstances.