Suppose you have just been appointed a personal representative, or your family member has determined you will be the personal representative of their estate. In that case, you may be wondering what that means. In the following article, we will break down the duties and responsibilities of a personal representative. Read on to learn more about what it means to be or appoint a personal representative in Colorado.
What is a personal representative?
A personal representative carries out the decedent’s wishes and completes the estate’s administration. A decedent’s personal representative is appointed via a will or by the courts through the probate process to administer an estate.
The personal representative has the following duties:
- Duty of impartiality: you must treat all parties with interest in the estate equally
- Duty of undivided loyalty: you must favor the interests of the estate and interested parties over your interests
- Duty to administer the estate with care and by Colorado law
The personal representative is responsible for opening and maintaining bank accounts, selling and transferring any assets, and dealing with creditors during the probate process. Learn more about probate and estate administration here.
What is a personal representative deed?
The personal representative uses a personal representative deed to sell or distribute any real estate from the estate after a decedent’s passing.
What is the difference between a personal representative and an executor?
A personal representative may be called an “executor” in some states. In Colorado, although they used to refer to a personal representative as an executor, that term is no longer used.
How do I appoint a personal representative?
You can appoint a personal representative through a last will and testament. To learn more about this, see our article on choosing the right people to assist in estate planning roles.
Do you have any questions? Contact us for an estate planning consultation, and we will answer all your questions about appointing or serving as a personal representative in Colorado.
For comprehensive living trust services in Denver and throughout Colorado, call The Germany Law Firm, P.C. at 303-454-3711 or contact us online to schedule a consultation.
