What happens if I am named the executor of an estate?
If you are named the executor of an estate in Colorado, you may be wondering what you are supposed to do. First, you should understand that even though you have been named the executor, you are not legally obligated to accept the role, according to Bankrate. Before you decide if you are willing to honor the decedent’s request, you need to know what your legal obligations are.
You will need to know if the deceased left a living will or trust. If there are not any living estate plans, then you will need to file a copy of the will with probate court within three years of the decedent’s death to start the probate process. To do this, you will need a copy of the deceased’s death certificate. You must be legally confirmed as the decedent’s personal representative before you can start executing the estate.
Until all assets have been distributed to the rightful parties and everything has cleared by probate court, you will retain the designation and duties of chief administrator of the deceased person’s estate. Therefore, it is very important for you to keep an accurate accounting of all assets.
It is important for you to start the probate process as soon as possible. Depending on the size and complexity of the estate, it may take some time for probate to settle everything. You must ensure that all creditors are paid and that all debts have been settled before distributing any assets and inheritance to the beneficiaries. This information is only intended as educational material and should not be used as legal advice.