What steps are required to locate, inventory, and distribute estate assets and settle debts in Colorado? | Colorado Probate | FastCounsel
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What steps are required to locate, inventory, and distribute estate assets and settle debts in Colorado?

Disclaimer: This article is for educational purposes only and does not constitute legal advice.

Detailed Answer

When an individual dies in Colorado, the personal representative follows a structured process under the Uniform Probate Code (Title 15, C.R.S.) to locate assets, inventory them, notify creditors, settle debts, and distribute the remaining property. Below you’ll find the typical steps required by Colorado law.

  1. File the Probate Petition and Obtain Authority
    You start by filing a petition in the district court of the decedent’s county. If the decedent left a valid will, request Letters Testamentary; otherwise, request Letters of Administration. These documents grant you the legal authority to act on behalf of the estate (C.R.S. Title 15).
  2. Locate and Secure Assets
    Search for bank accounts, investment statements, safe deposit boxes, real estate deeds, and personal property. Collect titles, contracts, digital records, and other documents. Secure physical assets to prevent loss or damage.
  3. Prepare and File an Inventory
    Within 90 days after appointment, prepare a detailed inventory and appraisal of the estate’s assets. File this document with the court under C.R.S. 15-9-501. Include descriptions, values, and appraiser reports.
  4. Notify Creditors
    Publish a notice to creditors in a local newspaper and mail a statutory notice to known creditors. Under C.R.S. 15-11-101, creditors have four months from the date of first publication to file claims.
  5. Review and Pay Valid Claims
    Evaluate each claim for validity. Under C.R.S. 15-12-801, you must pay funeral expenses, administrative costs, taxes, and other approved debts before distributing assets to beneficiaries.
  6. Prepare Final Accounting and Petition for Distribution
    Once you pay all valid claims, prepare a final accounting showing all receipts, disbursements, and fees. File a petition for distribution under C.R.S. 15-15-101. Provide notice to interested parties.
  7. Distribute Remaining Assets
    After court approval, distribute the estate property. Follow the decedent’s will or, if there is none, apply intestate succession rules under C.R.S. 15-10-101. Execute deeds, transfer titles, and close accounts to complete the process.

Helpful Hints

  • Keep detailed records of all communications and transactions.
  • Use certified mail when notifying creditors and beneficiaries.
  • Track statutory deadlines carefully to avoid personal liability.
  • Consider obtaining professional appraisals for high-value assets.
  • Consult with an attorney if the estate faces complex issues or disputes.

The information on this site is for general informational purposes only, may be outdated, and is not legal advice; do not rely on it without consulting your own attorney.