Estate Administration

Administering the estate of a loved one who has passed away can be an overwhelming experience. At a time when you are dealing with an onslaught of emotions and family issues, you also need to contend with Colorado probate requirements. 

Allow the team at Jones Law Firm, PC, to assist. We can guide you through every step in the process and manage many issues directly on your behalf. We want to make this process as efficient and stress-free as possible so that you can focus on all the other issues you need to attend to during this difficult time.

What is Involved in Estate Administration in Colorado

Estate administration involves managing and distributing a deceased person’s estate and winding up their final affairs. An estate in this case refers to all the property and debts that are left behind when someone passes away. 

Certain assets will pass directly to other people and will not become part of the estate. This includes any account with a beneficiary clause or a transfer on death clause. Property that is jointly owned with a right of survivorship also does not become part of the estate, nor does property that is part of a trust. Our team can help you determine what assets are part of the estate and what you will need to do with them at each stage of the estate administration process. 

Common Challenges in Estate Administration

Even straightforward cases can present challenges. Identifying and locating all assets can be difficult, especially if you cannot find complete records. Sometimes it is a good idea to hire a professional asset locator or forensic accountant to gain clear information about assets and debts. 

While the process of estate administration is ongoing, the personal representative will be responsible for managing assets so that they maintain value. This could include ensuring that real estate and vehicles are properly insured and cared for. The personal representative will also need to correctly assess all debts and calculate taxes due to avoid future legal issues. 

Challenges can arise if beneficiaries and heirs are not kept informed or if they disagree with steps taken during the process. When you work with the experienced estate administration team at Jones Law Firm, PC, we can help you overcome all difficulties to keep the process on track. 

Basic Steps in the Estate Administration Process

Although each case is different, knowing the most common steps involved in the probate administration process gives you an idea of what to expect:

• The process begins by filing the deceased’s will and a petition for probate with the probate court. If there is no will, a family member, creditor, or other interested person can file a petition seeking authority to administer the estate.
• Next, the court appoints a personal representative, also known as an executor, to manage the estate. If no executor was named in a will, the court will choose someone, typically a close family member.
• There is usually a deadline by which the personal representative must identify, inventory, and appraise all assets of the estate, including real estate, bank accounts, personal property, and other investments.
• The personal representative is obligated to notify creditors, heirs, and beneficiaries about the probate proceedings. These parties have a specific period to file claims against the estate.
• The personal representative is expected to evaluate all claims from creditors and pay valid claims, including taxes due, using the estate’s assets.
• After all debts and taxes have been paid, the personal representative then must distribute the remaining assets to the beneficiaries as outlined in the will. If there is no will, then distributions are made according to the laws of intestate succession. 

The probate court oversees the entire process to ensure it is conducted fairly and according to the law. The court’s responsibilities include validating the will and appointing the personal representative,  supervising the inventory of the estate’s assets, approving the payment of debts and taxes, and authorizing the distribution of assets to beneficiaries.

Practical Tips During Estate Administration in Colorado

Here are some suggestions to help with estate administration:

• Understand the Timeline: The probate process can take from six months to a year or more to complete, so it’s important to set realistic expectations for beneficiaries and creditors.
• Keep Organized: Maintaining meticulous records of all steps taken, including copies of correspondence, receipts, and financial transactions related to the estate, can keep the process moving smoothly.
• Seek Legal Guidance: Probate requirements are complex, so working with an experienced attorney is the best way to ensure you understand your duties and know how to comply with legal requirements.
• Communicate Transparently: It is important to regularly update beneficiaries about the progress of the probate process to maintain transparency and trust.

Get the Help You Need with Estate Administration from Jones Law Firm, PC

While the duties of estate administration are numerous and complex, when you have the right assistance, the process becomes much more manageable. The experienced team at Jones Law Firm, PC is ready to help. If you need help with the estate administration process, contact us 720-513-5983 or online. Our experienced team is ready to assist you with all your probate and estate administration needs.