Colorado Petition for Representation of a Probate Estate's Insolvency and Request

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US-02441BG
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An insolvent estate is one whose assets are insufficient to pay its debts, taxes, and administrative expenses. As a consequence of its insolvency, its heirs or beneficiaries will receive nothing (exception: unless Decedent's surviving spouse or children are awarded a family allowance, which takes priority over creditors).

The following form is a complaint that adopts the ýnotice pleadingsý format of the Federal Rules of Civil Procedure, which have been adopted by most states in one form or another.

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  • Preview Petition for Representation of a Probate Estate's Insolvency and Request
  • Preview Petition for Representation of a Probate Estate's Insolvency and Request
  • Preview Petition for Representation of a Probate Estate's Insolvency and Request
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FAQ

(7) A personal representative appointed by a court of the decedent's domicile has priority over all other persons except where the decedent's will nominates different persons to be personal representative in this state and in the state of domicile.

There are deadlines: Probate forms must be filed within 10 days of the death, regardless of whether a formal or informal probate case will follow.

A Colorado court will appoint a person (a ?per- sonal representative?) to administer the probate estate. The personal representative should: ? Gather the assets of the estate ? Pay debts and final expenses, and ? Distribute the remaining assets.

Colorado probate law states that, in general, wills must be probated within three years of the death of the decedent.

Generally, the person who oversees your estate is known as your ?personal representative.? California law also refers to a personal representative as an ?executor? or ?administrator.? All three terms describe the same function, although there is a legal distinction between their method of appointment.

In Colorado there are three types of probates for both wills and intestate estates?one for small estates (under $50,000 and no real property), one for uncontested estates (?informal?), and one for contested estates and invalid or questionable wills (?formal?).

In Colorado, an executor is typically appointed by the willmaker or, if there is no will, by the court. If you are thinking about naming someone as your executor, it's important to choose someone who you trust and who knows what they're doing.

Co-personal representatives are two (or more) people named as personal representative simultaneously. Successor personal representatives are named as backups in case your first choice is unable to serve whether by reason of death, incapacity or unwillingness to serve.

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Colorado Petition for Representation of a Probate Estate's Insolvency and Request