Probate & Estate Administration
Estate administration, commonly referred to as “probate,” is the legal process by which a deceased person’s financial affairs are handled. Most estates require no probate. When an estate requires probate, a personal representative must be appointed. The personal representative can be nominated a will. If there is no will, Colorado law determines the personal representative based upon priority.
Colorado Personal Representative Duties
In Colorado, the personal representative has fiduciary duties with respect to the management of the estate. Personal representatives must act with care and prudence, and must not favor any beneficiaries. The personal representative is also responsible for ensuring that final tax and other filings are made, and that the debts and obligations of the decedent are paid to the extent there are sufficient assets in the estate to do so before any assets are distributed to beneficiaries (the personal representative is not personally responsible for any debts if the estate does not have sufficient funds available).
Personal Representative and Estate Administration Questions
If you are the personal representative for a Colorado estate, we understand that you will likely have many questions regarding how to properly fulfill your fiduciary duties. For example, you may want to know how personal assets should be divided among children if there is no will, or what should happen if a beneficiary desires to purchase an asset of the deceased, such as a home.
These and similar questions frequently arise. We can answer any questions that you may have, and can help you concerning all aspects of your fiduciary obligations.
We Can Help
If you have been appointed the personal representative of a Colorado estate, please call us. We are available to provide assistance with all aspects of estate administration, and to answer any questions that you may have.