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April 18, 2016 Posted In Estate Planning,Firm News
by Colorado Estate Matters
Part of developing an estate plan will involve naming an executor (or personal representative) to administer the plans in the future. Understanding the specific requirements for executors, as set forth by Colorado laws, will be important to naming appropriate choices and to minimize your loved one’s future stresses as they carry out your estate plan in the future.
To elucidate these requirements and the Colorado laws pertaining to them, below we have answered some of the most commonly asked questions about executor requirements in Colorado.
A – On the most basic level, executors in Colorado are legally required to be:
Although some states prohibit convicted felons from serving as executors, Colorado laws currently do not include this restriction.
A – Yes, as Colorado laws do not have restrictions on where executors have to live. However, it should be noted that executors typically have to deal with a series of affairs following a death and that, oftentimes, this means having to conduct various business in the city/state of the decedent. That can mean that, generally, it is advisable to appoint an executor who lives close to you, who may be familiar with your affairs, and who is willing/able to deal with the affairs that may arise in the future.
A – Yes, if you believe that your estate and beneficiaries would benefit from a co-executorship, you are certainly able to name two (or even more) executors to share this responsibility. And, you can provide specific instructions regarding what affairs each (or both) are to handle in the future.
Here, it’s also important to note that, whether you name one or more executors, you options can include (but may not be limited to):
A – Yes, and in general, it is strongly advised that successor executors are named in estate plans just in case anything prevents a first choice from being able to serve in this role. Without successor options named, it will be up to the court to appoint an executor and that may not be ideal for you, your estate and your family.
A – Discuss your estate plan with your top choice(s) for executor(s) so they are familiar with your plans and intentions. Other ways to set your executor up for success include by:
For experienced help developing or administering an estate plan, you can turn to our Denver estate planning lawyers. We provide a thoughtful, comprehensive approach to our clients’ estate planning, elder law, and other legal needs, and we take pride in helping each of our clients and their families find the best solutions for them.
We can discuss your estate planning needs and different options during our consultation. To schedule this meeting, call us at (303) 713-9147 or email us using the contact form at the top of this page.
From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood, Centennial, Wheat Ridge, Golden and Arvada.