Our
Estate and Trust Administration Services
Estate Administration (Probate)
Probate is the legal process of administering a deceased person’s estate. It includes validating the will (if one exists), identifying and gathering the decedent’s assets, paying debts and taxes, and distributing the remaining assets to the heirs. In Colorado, the individual responsible for managing this process is known as the personal representative, a role similar to what is often referred to as the executor in other states.
Personal Representative
The personal representative will take care of several key responsibilities. They will handle gathering all information regarding the decedent’s will and assets, lodging the will in the probate court within 10 days of death, collecting estate assets and taking inventory of the property, managing, liquidating, and selling assets when necessary, paying final bills and addressing creditor claims, distributing assets to heirs and devisees in accordance with the will or court order, and helping with claims or claimants that may arise during probate.
Trust Administration
In many cases, people create trusts as part of their estate planning to avoid the lengthy and public process of probate. When a loved one passes away and leaves behind a trust, the trustee is responsible for carrying out the wishes of the decedent as outlined in the trust agreement. Trust administration ensures that the terms of the trust are followed and that the assets are properly distributed to the beneficiaries.
Contested Divorce
In cases where couples can’t agree on terms, we provide aggressive representation to ensure your rights are protected. Whether it’s in court or through negotiation, we are committed to achieving a favorable resolution for you.
FAQs
Frequently asked questions about Estate and Trust Administration in Colorado
Still have questions? Reach out to us today.
What is the probate process?
Probate is the legal process in which a decedent’s estate is administered by the personal representative. This process involves validating the will, gathering assets, paying debts, and distributing the remaining assets to heirs. Probate is necessary if there is no trust in place or if a trust is not fully funded.
How do I become a personal representative?
If a loved one has named you as their personal representative in their will, you will be appointed by the court to administer their estate. If there is no will, the court will appoint a personal representative from the decedent’s family members, in accordance with Colorado law.
What is the difference between a will and a trust?
A will outlines the distribution of assets after death and must go through the probate process. A trust, on the other hand, allows the decedent’s estate to be administered outside of probate, ensuring privacy and faster distribution of assets. A trust can also provide for asset protection, tax planning, and more.
Do I need an attorney for trust administration?
While it’s not always required, working with an experienced trust attorney can help ensure that all the trustee’s duties are carried out properly and in compliance with the law. If any complications arise, an attorney can guide the trustee in resolving them efficiently.
How long does the probate process take in Colorado?
The probate process can take several months to over a year, depending on the complexity of the estate and whether any issues arise. Simple estates with no disputes can be settled more quickly, while complex estates or contested matters can take longer.
Why Is Trust Administration Important?
Trust administration is critical for ensuring that the decedent’s wishes are followed and that the trust’s assets are distributed as intended. Trusts are commonly established to avoid probate, maintain privacy, reduce administrative costs, or for tax planning purposes. However, complications can arise during the administration process, and a trustee may need legal, accounting, or investment advice. If a trustee acts beyond the scope of the trust, they may be held personally liable for any damages or losses to the estate.
