6 Tips for Personal Representatives Administering Estates (Pt. 2)

On December 31, 2014

Picking up from where 6 Tips for Personal Representatives Administering Estates (Pt. 1) left off, here, we will continue to discuss some helpful tips for people who have assumed the role of the personal representative administering the estate of a decedent. More Tips for Personal Representatives Administering Estates Tip 3 – Figure out what type of probate may be necessary for administering the estate. As the personal representative of the estate, you will generally get to choose: When the estate…
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6 Tips for Personal Representatives Administering Estates (Pt. 1)

On December 26, 2014

When a loved one passes away, you may be put in the position of being a personal representative for that loved one’s estate. Also referred to as executors, personal representatives have a lot of responsibility when it comes to the administration of an estate, and understanding these responsibilities and obligations is crucial to: Properly and efficiently administering an estate Avoiding mistakes and unnecessary challenges Minimizing personal liability in the estate administration process. In this three-part blog series, we’ll point out…
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Probate in Colorado: FAQs (Pt. 3)

On December 20, 2014

Here is the conclusion to our blog series Probate in Colorado: FAQs. Q – What do personal representatives have to do in probate in Colorado? A – In probate in Colorado, personal representatives are considered to be fiduciaries, meaning that they have been entrusted with some specific financial responsibilities and that they have a legal obligation to carry these out with a certain level of care. Just some of the responsibilities that personal representatives have in probate in Colorado include:…
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Probate in Colorado: FAQs (Pt. 2)

On December 15, 2014

Picking up from where Probate in Colorado: FAQs (Pt. 1) left off, here, we will continue to respond to some commonly asked questions about probate in Colorado. Q – What should I expect in terms of the probate process? A – For probate in Colorado, the process or proceeding you can expect to face will depend on whether an estate can be informally probated or whether it has to pass through formal probate. In general, however, the following are some…
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Probate in Colorado: FAQs (Pt. 1)

On December 10, 2014

Probate can be as confusing and stressful as it may be expensive and time consuming. While having an experienced attorney guide you through the probate process can be invaluable, knowing what to expect before you even get started can help assuage your anxieties about the process. In this blog series, we will answer some frequently asked questions about probate in Colorado. If you have more questions or want some specific info and professional advice pertaining to your situation, contact the…
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Your Trustee Duties: Here’s What You Need to Know (Pt. 3)

On December 5, 2014

Wrapping up our three-part blog series, Your Trustee Duties: Here’s What You Need to Know, below, we will point out some additional administrative obligations that comprise trustee duties. Your Trustee Duties: More Administrative Obligations In addition to registering the trust, notifying beneficiaries and overseeing the accounting for the trust, other administrative tasks that make up the trustee duties include: Paying taxes – Each year, the trustee will have to make sure that taxes are paid on behalf of the trust….
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Your Trustee Duties: Here’s What You Need to Know (Pt. 2)

On November 30, 2014

Picking up from where we left off in Your Trustee Duties: Here’s What You Need to Know (Pt. 1), here, we will continue to point out the specific obligations that trustees have when they accept the responsibility of administering trusts. While the first part of this blog series focused on outlining the ethical obligations that trustees have, here (and in the upcoming third part of this series), we will take a closer look at the administrative responsibilities that make up…
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Your Trustee Duties: Here’s What You Need to Know (Pt. 1)

On November 25, 2014

Being a trustee is a big responsibility that comes with both ethical and administrative obligations. Although you don’t have to have an attorney inform you of these obligations or help you comply with them, if you try to administer a trust on your own (especially when you may have some other significant obligations in your life and/or you may not be familiar with administering trusts), you can: End up mismanaging the funds or assets of the trust Be accused of…
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FAQs about Drafting Wills (Pt. 3)

On November 20, 2014

Wrapping up our blog series FAQs about Drafting Wills, below is some additional important info regarding drafting wills. Q – How should wills be prepared? Can they be handwritten? A – When drafting wills, the following is what people should keep in mind in order to ensure that they are drafting legally binding, comprehensive and effective wills: Wills should be signed and dated by the willmakers (i.e., the people who are the subjects of the wills). At least two uninterested…
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FAQs about Drafting Wills (Pt. 2)

On November 15, 2014

Continuing from where FAQs about Drafting Wills (Pt. 1) left off, here are some more insightful responses to questions about drafting wills in Colorado. Q – How can drafting wills now help my family in future? A – In many ways, with the specific benefits depending on the details of a given situation, estate and family. In general, some of the most significant benefits of drafting wills now include: Clearly outlining end-of-life directives for family members – This can ease…
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