What Authorization Forms Must an Heir Sign to Direct Distribution of Real Property Sale Proceeds in Colorado?
Detailed Answer In Colorado probate, a personal representative must obtain formal authorizations from heirs before distributing sale proceeds of real property. These authorizations ensure that heirs consent to closing proceedings and release the representative from liability. 1. Waiver of Notice and Hearing on Petition for Final Settlement and Distribution Under Colorado statute, each heir entitled […]
Read article →How to distinguish assets belonging to a deceased person’s estate from those held by a corporation established by a relative (Colorado)
How to Distinguish Estate Assets from Corporate Assets in Colorado Detailed Answer 1. Define the Probate Estate In Colorado, assets owned solely by a decedent at the time of death form the probate estate. The Colorado Uniform Probate Code (C.R.S. § 15-10-201) covers these assets. Typical probate assets include: Bank accounts held solely in the […]
Read article →How Can a Former Spouse or Survivor Assert Entitlement to Surplus Funds Following the Owner’s Death or Divorce?
How Can a Former Spouse or Survivor Assert Entitlement to Surplus Funds Following the Owner’s Death or Divorce? 1. Detailed Answer When a property owner in Colorado faces a tax sale or foreclosure of real estate, any proceeds beyond what’s owed (the “surplus funds”) remain on hold. Colorado law, under C.R.S. §38-38-103, requires the public trustee […]
Read article →What options exist for selling or auctioning personal property to reimburse estate expenses and equalize distributions among heirs in Colorado?
Options for Selling or Auctioning Personal Property to Reimburse Estate Expenses and Equalize Heir Distributions in Colorado Detailed Answer When an estate needs cash to cover debts, taxes, or administration costs, or when heirs receive assets of differing value, selling or auctioning personal property provides a fair solution. Colorado law gives the personal representative clear […]
Read article →What rights does a life estate grant to a lifetime beneficiary and how is a remainder interest determined under Colorado law?
Detailed Answer Under Colorado law, a life estate grants the life tenant exclusive possession and use of real property during the tenant’s lifetime. A testator may create a life estate by will, giving the named life tenant rights to occupy, lease or collect income from the property. When the life tenant dies, the property passes […]
Read article →Who Is Eligible to Receive Surplus Proceeds When Property Is Solely in the Deceased Spouse’s Name in Colorado?
Detailed Answer When a property owner in Colorado dies with real property solely in their name and that property generates surplus sale proceeds—most commonly after a foreclosure or forced sale—the law directs where the extra funds must go. Under Colorado Revised Statutes (C.R.S.) § 38-38-504(2), any surplus after satisfying liens, costs, and junior encumbrances must […]
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