Trust and Estate Administration in Colorado | Boulder Probate Lawyer
As a Boulder probate lawyer James Newell routinely help clients administer the estates of loved ones who have recently passed away.
When someone dies with a will, the court in charge of probate cases for the county in which the person lived at the time of his or her death will appoint a personal representative based on the deceased person’s intentions, as stated in his or her will. In most situations the court will take a hands off approach to the oversight of personal representatives it has appointed, and, for the most part, becoming actively involved only when there is a dispute among the parties or obvious mismanagement by the personal representative.
Many times there is no will or trust to be administered or the will or trust does not cover the most valuable assets in the estate. The major assets, such as real estate and financial accounts, may pass by operation of law. For example, let’s say a home in Boulder is owned “in joint tenancy” by a husband and wife and all of their other assets are held in accounts with beneficiary designations or are owned and controlled by their respective revocable living trusts. If the husband were to die while still owning that parcel of real estate in joint tenancy with his wife then title to the real estate would, upon his death, immediately pass to his wife, without the need for the wife to apply to the probate court to be appointed as the personal representative of the estate. The best practice in such a scenario is to promptly record the death certificate and supplemental affidavit so as to assure there is no question that the married couple’s Boulder home now belongs solely to the wife.
Regardless how and to whom the property passes, it is important to know whether you, as a personal representative, are fulfilling your fiduciary duties. Personal liability can befall personal representatives who fail to carry out their responsibilities. Having a Boulder estate planning lawyer on your side to guide you through the process can be invaluable and can make an otherwise daunting and stressful task considerably more manageable.
If you are looking for a Boulder Probate Lawyer with a results oriented approach tailored to your matter’s specific needs, contact Newell Law. We have the experience and knowledge to achieve the best results possible for your case.