How to Create an Inventory of Assets for Colorado Probate: Eight Steps (Pt. 2)

April 15, 2015 Posted In Asset Protection,Creditors and Probate,Probate, Estate, & Trust Administration
by Colorado Estate Matters

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.

The Next Steps to Take in Creating an Inventory of Assets for Colorado Probate

3 – Detail all personal property assets.

Detailing a decedent’s personal property, as well as his debts, are key steps when creating an inventory of assets for Colorado probate.

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:

• Motor vehicles
• Artwork
• Expensive jewelry.

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.

4 – Note all of the decedent’s bank accounts and/or retirement accounts.

For each of these account listings, be sure to note the:

• Name of the banking institution where the account is held
• Account number
• All account holders’ names (if the account was shared)
• Amount of money being held in the account (i.e., the cash value of the account).

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.

5 – Detail all of the decedent’s debts.

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:

• Outstanding credit card debts
• Outstanding medical bill debts
• Any outstanding personal loans (like mortgage or car loans)
• The amount owed to each creditor.

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.

Contact your Denver Probate Attorneys at Colorado Estate Matters, Ltd. for probate in Colorado.

When facing probate or any estate planning issue, you can turn to the Denver probate attorneys at Colorado Estate Matters, Ltd. for experienced help and superior representation. We provide personalized attention at every step of the probate process, and our clients can rely on our Denver probate attorneys to always be competent, caring and professional while providing them with the highest quality legal services at affordable rates.

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