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An executor of a will, referred to as a “personal representative” in Colorado, is critical in ensuring that a deceased person’s wishes are honored and their estate is managed according to the law. If you’ve been named an executor or are considering appointing one, understanding the powers and responsibilities of this role is essential. Keep reading for more from our Denver estate planning lawyers.
Below is an in-depth look at what power an executor of a will has in Colorado.
The executor’s primary duty begins with initiating the probate process. This involves filing the will with the appropriate Colorado probate court and obtaining formal court approval to act as the estate’s representative. This step legally empowers the executor to manage the estate and carry out their duties. In cases where there is no will, the court appoints an administrator to perform similar functions under Colorado’s intestate succession laws (Colorado Revised Statutes § 15-12-203).
Once appointed, the executor has the authority to locate, inventory, and secure the deceased’s assets. This includes personal property, real estate, financial accounts, and other valuable possessions. Executors are responsible for ensuring that these assets are protected during the probate process, such as maintaining insurance on real estate or safeguarding personal belongings.
An executor has the power to identify and notify creditors, ensuring that all legitimate debts of the estate are paid. This includes final medical bills, outstanding loans, and other obligations. Additionally, the executor is responsible for filing the deceased’s final income tax return, paying any taxes owed, and managing any estate tax obligations.
During probate, the executor may need to conduct various financial transactions on behalf of the estate. This could include selling assets, such as real estate or personal property, to pay debts or distribute proceeds to beneficiaries. Executors also handle day-to-day expenses, such as utility bills or maintenance costs, to preserve the estate’s value.
After debts, taxes, and expenses are settled, the executor distributes the remaining assets to the beneficiaries as outlined in the will. If there is no will, the executor follows Colorado’s intestacy laws to ensure proper distribution. This distribution must be precise and documented to avoid disputes among beneficiaries.
If conflicts arise among beneficiaries or other interested parties during probate, the executor has the authority to address and resolve these disputes. This may involve mediating disagreements or seeking court guidance to ensure the estate is distributed fairly and according to the law.
Once all duties are fulfilled, the executor has the authority to close the estate. This involves filing a final accounting with the probate court, demonstrating that all debts have been paid, assets distributed, and the estate’s obligations fulfilled. Upon approval, the court formally releases the executor from their responsibilities.
While the executor has broad powers, they are also bound by fiduciary duties, meaning they must act in the estate’s and its beneficiaries’ best interests. Executors are expected to:
Failure to fulfill these responsibilities can result in personal liability for the executor.
Serving as an executor can be a complex and time-consuming responsibility. At Colorado Estate Matters, we understand the challenges of administering an estate and provide compassionate, knowledgeable support to executors navigating the probate process. Whether you’re handling a simple estate or facing disputes and complications, we’re here to ensure you fulfill your duties effectively and in compliance with Colorado law.
If you have questions about what power does an executor of a will have or need assistance with probate matters, contact Colorado Estate Matters at (303) 713-9147 to schedule a consultation. Our team is here to guide you every step of the way.