Probate and Trust or Estate Administration

After a person’s death, probate is the process of winding up the decedent’s affairs, handling any outstanding creditor obligations, and transferring ownership of property to the legitimate beneficiaries. The executor of the estate, known as the personal representative in Colorado, can be held personally liable for mistakes or mismanagement while administering the estate.

Once you are appointed as the personal representative, your role is to administer the estate and wind up the decedent’s affairs. This involves the assembly, collection, and valuation of the decedent’s assets, the payment of debts, expenses of administration and taxes, and the distribution of the remaining assets to the persons entitled to them. Your legal responsibilities include (1) treating the beneficiaries with impartiality and avoid favoring one over the other; (2) administering the estate for the benefit of the beneficiaries; (3) to act prudently and reasonably when making any decisions; and (4) tracking your time and expenses when serving as the personal representative to be fairly compensated. Having a trusted advisor is vitally important to navigate this sometimes complex area of the law.  Please be aware, our firm does not handle probates where there is a conflict among the parties or potential litigation.