Estate & Trust Administration
Estate Administration or Probate
What is Probate? Probate means administering the estate through the probate court or guiding a trustee through trust administration. A loved one’s death is never easy, and no matter how well things are planned, their family members or personal representatives have a tremendous responsibility. This includes locating, managing, and distributing the decedent’s assets and dealing with taxes. The process can be complex and cumbersome, especially while grieving the death of a loved one.
Who Is Responsible?
Many people have heard the term “executor,” but the state of Colorado uses the term “personal representative.” If a loved one had a will before they passed, they would usually have named someone to act as the personal representative, this person is in charge of the probate estate. If there was no will before their passing, then the person’s family members will have priority to be the personal representative. There is a specific order for priority among family members. Whoever is appointed as the personal representative will manage the probate estate of the decedent and distribute their property subject to the probate court as required by the will.
Responsibilities of a Personal Representative:
- Gathering all information regarding the decedent’s will
- Lodging the Will in the probate court within 10 days.
- Collecting all estate assets and take a trust or probate estate inventory
- Managing, liquidating, and selling assets
- Paying any final bills for the decedent
- Making distributions to heirs and devisees
- Help with claims and/or claimants
Contact Us
The probate attorneys at Gendelman Klimas are prepared to assist you in determining how to handle your loved one’s estate and supporting you through every step of the process. Contact the probate attorneys at Gendelman Klimas at (720) 213-0687 or by using the button below.
Trust Administration
Many people establish trusts during their lifetime as part of their Estate Planning. In many circumstances, this can successfully avoid probate court, which can simplify or eliminate the process of Estate Administration. When someone passes away and leaves a trust, the wishes of the decedent need to be carried out as they are written in his or her trust. In this case, Trust Administration becomes necessary. The creator of the trust, typically referred to as a grantor or trustor, appoints a trustee to distribute any assets to the rightful heirs or beneficiaries.
Primary Duties of a Trustee:
- Collecting and managing assets
- Taking an inventory of and distributing assets
- Obtaining appraisals of assets when necessary
- Preparing a federal estate tax return, income tax return, and fiduciary tax return
Why Is Trust Administration Important?
Trusts can be established for tax purposes, to keep the administration of a decedent’s assets private, to avoid probate, or to reduce the costs of the administration and distribution of a decedent’s assets. Throughout this process, complications can arise, and the administration of trusts often require a trustee to seek professional legal, accounting, and investment advice. If a trustee goes beyond the scope of the trust, they could be held liable for any damages or loss to the estate. Working with our highly skilled trust attorneys at Gendelman Klimas will allow you peace of mind while we make sure the terms of the trust agreement are being carried out properly.
Contact Us
Gendelman Klimas is here to assist trustees in the administration of trusts. Our trust attorneys will work with the trustee and all beneficiaries to ensure the trust is administered in a professional, fair, and timely manner. If you have been appointed to administer a trust, call us at (720) 213-0687 or use the button below to speak with one of our trust attorneys about Trust Administration.
