When a will is drafted in Colorado, what is known as a “personal representative” is nominated. A personal representative for a loved one’s estate is entrusted with a significant responsibility during a difficult time. If you have been named as a personal representative, you can access everything you need through the virtual services of the Law Office of Kim M. Dubois PLLC.
We can also help you if you believe a personal representative is breaching his or her duties toward your loved one’s estate.
About Estate Administration
An individual’s “estate” includes anything that a person owned at the time of his or her passing, with two primary exceptions:
- The Family Exemption. This is a specific set of properties, such as utensils, electronics, books, and the like that automatically passes to the deceased’s family.
- Non-Probate Assets. These include various assets that are often governed by contract, whereby the beneficiary has been predetermined, typically including life insurance, retirement accounts, and Totten Trust or Transfer-on-Death bank accounts.
There are also property law rules regarding joint ownership, but jointly-owned property generally passes to the survivor. All remaining property is part of the estate. The estate passes according to the will if one exists, and according to statute (i.e., “intestacy statute”) if there is no will. The process of dealing with the estate, including clearing debts and distributing assets in accordance with a will, is known as the “probate” process.
About Trust Administration
A trust is a right to property whereby one entity ( the “trustee”) holds property for the benefit of another (the “beneficiary”). Trusts can be created before death (‘living trust”) or created by a will (“testamentary trust”).
Trustees have a variety of duties and must administer the trust with the highest standards of honesty and loyalty to the beneficiaries. Some of a trustee’s duties include:
- Distributing assets to beneficiaries,
- Paying taxes on behalf of the estate, and
- Maintaining accurate accounting logs.
Contact the Law Office of Kim M. Dubois PLLC Today for Assistance
Estate and trust administration are only two of the wide variety of the services offered to representatives, trustees, beneficiaries, and creditors of an estate by the Law Office of Kim M. Dubois PLLC. Estate and trust creation and administration can be complicated, but we are available to help you with all of your estate issues in a manner that is sensitive as well as effective and affordable.
The Law Office of Kim M. Dubois PLLC is a true virtual firm, with flexible hours that fit around your schedule. We offer free consultations, and, unlike most law firms, follow a rigid policy of returning phone calls and email messages on the same day. Our virtual services provide convenient and affordable options for all of your estate planning needs without having to leave the comfort of your own home or workspace.
Contact us to learn more and schedule your free consultation.