Disclaimer: This article is for educational purposes only and does not constitute legal advice.
Detailed Answer
In Colorado probate, the personal representative must identify and list all estate assets, including personal property, to set aside the one-year allowance (often called the year’s support) for a surviving spouse or minor children. Colorado law requires a formal inventory of estate assets and a separate allocation of exempt property.
1. Inventory Requirement
Under Colorado Revised Statutes § 15-12-706, the personal representative must file a complete inventory of all real and personal property within three months of appointment. This inventory ensures the court and interested parties know the estate’s value and contents.
C.R.S. 15-12-706
2. One-Year Allowance (Year’s Support)
Colorado law entitles a surviving spouse or minor children to up to $15,000 in personal property and certain real property set aside from the estate. To satisfy this exemption—known as the one-year allowance—the personal representative must choose which assets or proceeds fill that $15,000 cap. Without a detailed list, it’s impossible to confirm you’ve properly applied the exemption.
3. Exempt vs. Non-Exempt Assets
Some property is automatically exempt and need not go through the allowance process. Examples include homestead property under C.R.S. 38-41-201 and certain life insurance proceeds. However, most personal assets—furniture, vehicles, bank accounts—must appear on the inventory so you can allocate the one-year allowance correctly.
4. Consequences of Omission
Failing to list personal property assets may lead to court challenges, delays, or even surcharged distributions if the allowance exceeds statutory limits. A complete and accurate listing protects the personal representative and ensures surviving family members receive their entitled support.
Helpful Hints
- Start your inventory promptly. File it within three months per C.R.S. 15-12-706.
- Value assets at fair market value. Use appraisals for unique or high-value items.
- Distinguish exempt property (homestead, insurance) from assets used for the one-year allowance.
- Allocate assets strategically. You may choose lower-liquidity items (furniture) or cash proceeds.
- Keep records of all appraisals, receipts, and court filings for future reference.
- Consult a probate attorney if you encounter disputes or complex assets.