April 15, 2015 Posted In Asset Protection,Creditors and Probate,Probate, Estate, & Trust Administration
Resuming How to Create an Inventory of Assets for Colorado Probate: Eight Steps (Pt. 1), we will point out the next steps to take as you continue compiling a comprehensive inventory of a decedent’s estate.
This part of the inventory for Colorado probate should specifically list out all personal property the decedent owned at the time of his death, and it may be necessary to create sub-categories for assets like:
For other personal assets, such as personal collections of coins, stamps, etc., these may be valued as a whole unit, rather than having to list out each individual item within that collection.
For each of these account listings, be sure to note the:
Here, it’s important to note that, for retirement account listings, you may need to obtain copies of final divorce decrees in order to determine whether a decedent may have had claim to a portion of an ex’s retirement funds.
If the decedent left behind any debts, these will all have to be noted on the inventory for Colorado probate. When noting these debts, be sure to include:
As you list these debts, be sure to NOT include any debts an estate acquires after the decedent passed away. For instance, things like funeral expenses and probate administration costs should not be listed in these inventories for Colorado probate.
For the final steps to take when creating an inventory of assets for Colorado probate, do not miss the upcoming conclusion to this blog series.
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