When you are named “Personal Representative” or “Executor” you are in charge of running the show. The Personal Representative has four jobs:
- Locate the decedent’s assets
- Value those assets
- Pay any potential creditors
- Distribute the assets
However, just because you are named in someone’s Will as Personal Representative, does not give you the ability to get those jobs done. You must first open a probate and be officially appointed by the court before you can handle the decedent’s assets.
Probate is a required process in the state of Colorado. It involves court documents, creditor deadlines, and rigid timelines. Most importantly, if you choose to handle probate on your own, you are bound by the same rules and procedures as an attorney. This could open you up to liability and you could potentially be responsible for the decedent’s debts.
At Kelly Law Firm, we handle the probate process for you. If you have been named Personal Representative of an estate and need to open a probate, schedule a Probate Advisory meeting to learn more about the process and how we can help!