When creating an estate plan in Colorado, the person you charge with administering the will is critical. You should choose someone who can handle the demands of probate.
Often, the personal representative of an estate was close to the deceased. This makes sense since the choice should consider someone who is trustworthy and will follow the wishes in the will. At Bradley Devitt Haas & Watkins, P.C., our staff knows that estate administration is a delicate and emotional time for all involved. Choosing the person to lead after your death may come down to understanding the kind of things that need to occur.
Even with a will, an estate goes through probate. The process ensures that creditors and heirs receive the proceeds of the estate. The first job of a personal representative is to inform the court of the death and file the will.
Gathering an accounting
One of the most tedious steps in probate is getting together an accurate accounting of the debts and assets of the deceased. It may go smoothly if the information is readily available, or it may take some time. Once this inventory is complete, the representative must inform the court.
Notifying creditors and heirs
The deceased may have died with loans, credit card balances and other types of debt. The personal representative is responsible for informing all known creditors of the death. The representative also sends a notice to everyone named as an heir in the will.
Gathering things together and keeping track of who gets what is the job of the personal representative. For help on choosing someone or assistance in taking care of probate, head over to our website for more insight.