What does an executor of a will do in Colorado?
One of the most important reasons to make a will is to name your executor — commonly called a “personal representative” in Colorado. After your death, your executor’s primary job is to protect your property until any debts and taxes have been paid, and then transfer what’s left to those who are entitled to it.
What are the duties of an executor in Colorado?
Your executor may have to handle day-to-day matters for weeks, months, or sometimes longer. If you want to know more about an executor’s duties and responsibilities in Colorado, the Colorado Bar Association offers a guide for personal representatives.
Can a spouse serve as an executor of a will?
It’s highly unlikely, but if a question arises about the qualifications of the person you’ve named as your executor, the court will hold a formal hearing in front of all “interested persons” — such as your spouse, heirs, creditors, and other potential executors.
Can a next of kin act as an executor of an estate?
Otherwise, the deceased’s next of kin is typically entitled to petition the court for appointment to act as executor. An estate is said to be intestate when someone dies without leaving a valid will.
What is the job of an executor after death?
After your death, your executor’s primary job is to protect your property until any debts and taxes have been paid, and then transfer what’s left to those who are entitled to it. Every state has some rules about who may serve as the executor of an estate that goes through probate. Here are the requirements in Colorado.
Who is the executor of my mother’s estate?
The estate included her home. It was paid in full, but a mortgage was opened a few months before she died to pay for home health care expenses, farm property, a time share and personal belongings There are four children and one was designated the estate executor. The bulk of the estate has been settled to everyone’s relief.
Who is entitled to an intestate estate in Colorado?
Surviving spouses are afforded incredibly strong inheritance rights to intestate estates according to Colorado inheritance laws. As a matter of fact, they’re entitled to the whole of the estate if the decedent died without surviving children or parents, or all of their children were solely with each other.
What happens in Colorado when a person dies without a will?
When a Colorado resident dies without a last will and testament, the intestacy succession laws found in the state’s probate code take over. They dictate who inherits the deceased’s probate estate. All states have succession laws on their books and many are similar, but they can vary in subtle ways.
What are the rules for inheritance in Colorado?
Colorado requires that an individual survive a decedent by at least 120 hours, or five days, in order to become a valid heir under intestate succession law. If this prerequisite is not met, the estate is distributed as if the possible heir had predeceased the decedent, according to Colorado inheritance laws.