When someone passes away, someone has to manage their estate and distribute it according to their will or state laws. In Colorado, the person responsible for this task is the estate administrator.
Requirements to be an estate administrator
To be an estate administrator in Colorado, you must meet certain criteria. Generally, you should be at least 21 years old and of sound mind. Additionally, individuals with felony convictions are typically not allowed to serve as administrators. The court prefers appointing someone who resides in Colorado, but it is not a strict requirement.
Priority of appointment
Colorado law follows a specific order of priority when appointing an estate administrator. If the deceased person named someone as an executor in their will, that person is usually the first choice. If the deceased didn’t name an executor or if the named person cannot serve, the court will consider other relatives such as spouses, children, or parents. If no family members are available or willing, the court may appoint a creditor or another suitable individual.
Duties of an estate administrator
The estate administrator has several key duties. First, they must locate and secure all assets of the deceased. This includes:
- Bank accounts
- Real estate
- Personal property
Next, they must pay any debts and taxes owed by the estate. Once they settle all obligations, the administrator distributes the remaining assets to the beneficiaries as specified in the will or by state law.
Reflecting on the role
Taking on the role of an estate administrator in Colorado is a significant responsibility that requires careful attention and dedication. Whether you’re named in a will or appointed by the court, fulfilling this role with diligence and care is essential for honoring the memory of your loved one.