What Is A Personal Representative?

A personal representative, sometimes called an executor or administrator, is the person appointed to manage and settle a deceased person's estate. In Colorado, this role carries significant legal responsibilities and fiduciary duties that must be fulfilled according to state law.

How a Personal Representative Is Appointed

If the deceased person left a valid will, they typically named someone to serve as personal representative. The court will generally appoint that person unless there is a valid objection. If there is no will, or if the named person cannot serve, Colorado law establishes a priority order for who may be appointed, typically starting with the surviving spouse and then moving to other heirs.

Primary Duties of a Personal Representative

• Locate and Secure Assets: Identify all property belonging to the estate, including real estate, bank accounts, investments, personal property, and other valuables.
• Notify Interested Parties: Inform beneficiaries, heirs, and creditors about the probate proceedings as required by law.
• Inventory the Estate: Prepare and file a complete inventory of estate assets with the court.
• Manage Estate Property: Maintain and protect assets during the probate process, including paying ongoing expenses like insurance, utilities, and property taxes.
• Pay Debts and Taxes: Settle valid claims against the estate and file all required tax returns, including the decedent's final income tax return and any estate tax returns.
• Distribute Assets: Transfer remaining property to beneficiaries according to the will or intestate succession laws.
• Account to the Court: Provide a final accounting of all estate transactions and seek court approval to close the estate.

Fiduciary Responsibilities

As a fiduciary, the personal representative owes the highest duty of care to the estate and its beneficiaries. This means they must:

• Act in good faith and with loyalty to the estate
• Avoid conflicts of interest
• Keep accurate records of all transactions
• Treat beneficiaries impartially
• Exercise reasonable care and prudence

Compensation for Personal Representatives

In Colorado, personal representatives are entitled to reasonable compensation for their services. If the will specifies compensation, that amount typically applies. Otherwise, the court may approve fees based on the complexity of the estate and the time required to administer it.

Types of Probate Administration

Colorado offers several forms of probate administration, each with different levels of court supervision:

Informal Probate

A streamlined process with minimal court supervision, suitable for straightforward estates without disputes.

Formal Probate

Involves court hearings and judicial oversight, typically required when there are disputes or complex issues.

How We Can Help

Serving as a personal representative can be overwhelming, especially while grieving. Our attorneys have extensive experience guiding personal representatives through every step of the probate process. We can help you understand your duties, meet legal deadlines, and fulfill your responsibilities while minimizing stress and potential liability.