Colorado Release and Exoneration of Executor on Distribution to Beneficiary of Will and Waiver of Citation of Final Settlement

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Multi-State
Control #:
US-03366BG
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Word; 
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Description

Most states have a statute that requires something to the effect that upon the filing of an account for final settlement by the executor of the estate of a decedent, a citation is required to be filed containing a statement that such final account has been filed, the time and place when it will be considered by the court, and a statement requiring interested persons that are cited to appear and contest the same if they see proper.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

What is a beneficiary release? The release is a document confirming that you are satisfied with the executor's work and accounting for the estate. Get all the information before you sign because you can't bring any legal dispute against the executor once you've signed it.

When an executor asks you to approve their accounts, they'll send you a copy of the final accounts for review. They'll probably also ask you to sign a consent and release form. Typically, these forms ask beneficiaries to approve the accounts and waive the requirement to pass the accounts before the court.

There are several ways a beneficiary can receive the death benefit from a life insurance policy. The two most common are: Lump sum payment: This is the most common payout type, and is a single payment ? usually in the form of a check ? that is given to the beneficiary once the amount has been approved by the insurer.

Indemnity. You can ask the beneficiaries to sign a document to say that should there be any claims against the Estate following distribution, then you can recover the money from them to settle any such claims which are successful.

In the context of an estate, it means the beneficiaries agree to relinquish any claim they may have against the executor. When the estate falls short, however, demanding a release is good practice.

A Receipt and Release Agreement is the means by which a beneficiary of an estate may acknowledge receipt of the property to which he is entitled, and agree to release the executor from any further liability with respect thereto.

The significance of a release A release is a binding contract, which bars the signer from suing the person that they have released. An estate trustee should require a signed release when it makes sense to be prudent and to document the acceptance of the beneficiary of the administration.

Released Beneficiary means each person referred to in Clauses 19.1.1 to 19.1.4, being a beneficiary of the releases given by the Scheme Creditor Releasing Party in Clause 19. ?

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Colorado Release and Exoneration of Executor on Distribution to Beneficiary of Will and Waiver of Citation of Final Settlement