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What is a personal representative in Colorado?

A personal representative has a fiduciary duty to the estate, devisees, heirs, and other interested parties ,including creditors. A personal representative's specific duties included: 1. To act impartial in regards to all parties to the estate.

How long does probate take without a will in Colorado?

If a title or deed is issued without proper heir determination, legal issues may arise for the person to whom the property was titled or deeded. There may also be estate tax law matters that must be concluded. Both the informal probate process and the formal probate process take a minimum of six months to complete.

Can children inherit without a will?

Children - if there is no surviving married or civil partner If there is no surviving partner, the children of a person who has died without leaving a will inherit the whole estate. This applies however much the estate is worth. If there are two or more children, the estate will be divided equally between them.

What happens when a person dies without a will in Colorado?

In Colorado, unless the deceased spouse had a will that provided otherwise (or did a trust-based estate plan), the surviving spouse would NOT inherit 100% of the decedent's estate. The children of the deceased spouse would inherit some portion (see chart below).

What is a child entitled to when a parent dies without a will Colorado?

Children's Shares in Colorado. If you die without a will in Colorado, your children will receive an "intestate share" of your property. The size of each child's share depends on how many children you have, whether or not you are married, and whether or not your spouse is also their biological parent.

How long does an executor have to settle an estate in Colorado?

The minimum time for formal and informal probate is six months by law. However, it can take much longer for an estate to be ready for distribution, depending on the size, complexity and any issues that may arise. It's possible that probate could be open for a year or even several years.

How long does an executor have to wind up an estate?

Starting from the date of death, the executors have 12 months before they have to start distributing the estate. This allows time to gather information on the estate and check for potential claims. The executors have no obligation to distribute the estate before the end of the year.

What happens when a person dies without a will in Colorado?

In Colorado, unless the deceased spouse had a will that provided otherwise (or did a trust-based estate plan), the surviving spouse would NOT inherit 100% of the decedent's estate. The children of the deceased spouse would inherit some portion (see chart below).

How long does a personal representative have to settle an estate in Colorado?

The minimum time for formal and informal probate is six months by law. However, it can take much longer for an estate to be ready for distribution, depending on the size, complexity and any issues that may arise. It's possible that probate could be open for a year or even several years.

How long do most estates take to settle?

Simple estates might be settled within six months. Complex estates, those with a lot of assets or assets that are complex or hard to value can take several years to settle. If an estate tax return is required, the estate might not be closed until the IRS indicates its acceptance of the estate tax return.

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