Colorado Petition for Partial and Early Distribution of Estate

State:
Multi-State
Control #:
US-03317BG
Format:
Word; 
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Instant download

Description

Ideally, no distributions to the beneficiaries under the will should be make until the estate is closed and closing letters received from the Internal Revenue Service and the State Tax Commission if estate tax returns were filed. This is not always possible, particularly in light of the fact that it generally takes a minimum of nine months to get a closing letter from the IRS. Beneficiaries are usually not that patient. The earliest an executor can close an estate is after the time to probate claims has expired and no claims have been probated. This is generally possible in estates that dont require estate tax returns, particularly when surviving spouse is the sole beneficiary.


After the time for probating claims against the estate has expired and estate taxes have been paid, a partial distribution to the beneficiaries may be in order, particularly if there are no unpaid claims outstanding against the estate and the closing attorney is comfortable that the estate tax return will be accepted by the IRS as filed. In any event the executor and closing attorney should hold back enough cash from the distribution to pay for the remaining expenses of administration and to pay for any estate taxes that may be assessed by the IRS.

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FAQ

STEP 1: Download and complete your forms. STEP 2: Mail or hand deliver a copy of your forms to all people who have an interest in the estate. STEP 3: File JDF 965 Statement of Personal Representative Closing Administration with the court.

The threshold for a small estate affidavit in Colorado is $74,000 or less in personal property as of 2022. If the decedent passes away in 2021 or 2020, the threshold is below $70,000. In such cases, the inheritor can claim the property without court involvement almost immediately after the owner's death.

Rule 31. In any specific case, for good cause shown, the court may require the fiduciary to produce such vouchers or other supporting evidence of payment as the court may deem sufficient.

You might need to apply for probate before you can deal with the property, money and possessions (the 'estate') of the person who died.

The length of the probate procedure in Colorado can vary depending on the complexity of the estate and whether any disputes arise among the heirs or beneficiaries. However, the process typically takes six months to a year to complete.

Under Rule 62 of the Colorado Rules of Probate Procedure (?Rule 62?), a guardian or conservator of a minor or an incapacitated person (the ?protected person?) must obtain court approval of a proposed settlement of the ward's claim. Rule 62 details the requirements of the Petition for Approval of a Settlement.

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Colorado Petition for Partial and Early Distribution of Estate