Detailed Answer
When someone dies in Colorado, the court appoints a personal representative (PR) to manage the estate. Colorado law requires the PR to provide heirs and beneficiaries with key information and to perform specific duties throughout estate administration. Here are the main requirements under the Colorado Revised Statutes (C.R.S.):
- Notice of Appointment: Within 60 days of appointment, the PR must mail a Notice of Appointment to all heirs and beneficiaries, informing them of the PR’s role and their right to request additional information. (C.R.S. § 15-12-706: link)
- Copy of the Will: If a will exists, the PR must send each heir or beneficiary a certified copy of the will along with the notice of appointment.
- Inventory and Appraisement: Within 90 days of appointment, the PR must file an inventory listing all estate assets, their fair market values, and any encumbrances. (C.R.S. § 15-12-707: link)
- Accounting and Reports: The PR must prepare periodic accountings showing receipts, disbursements, fees, and distributions. Heirs may request a formal accounting at any time. The final accounting must be approved by the court before closing the estate. (C.R.S. § 15-12-709: link)
- Notice of Proposed Distribution: Before distributing assets, the PR must notify heirs of the proposed distribution plan and allow time for objections.
- Payment of Debts and Taxes: The PR must notify known creditors, publish a notice to unknown creditors, settle valid claims, and file any required federal or state tax returns. Heirs should receive updates on significant debts and tax obligations.
- Record Keeping: The PR must maintain accurate records of all transactions and communications. Heirs have a right to inspect these records on reasonable request.
Failing to meet these duties can lead to court sanctions, surcharge against the PR, or liability for any losses to the estate.
Helpful Hints
- Request copies of all notices, inventories, and accountings in writing to maintain a clear record.
- Review the inventory carefully and ask questions about any unclear valuations or missing assets.
- Keep deadlines in mind: objections to accountings or distributions often have strict time limits.
- Stay in communication with the PR to address concerns early and avoid disputes.
- Consider hiring an attorney if you suspect mismanagement or if the estate is complex.
Disclaimer: This article provides general information about Colorado estate administration. It does not constitute legal advice. Consult a qualified attorney for guidance specific to your situation.