What happens with property when someone dies? Probate and Wills
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What happens with property when someone dies? Probate and Wills

Hi there, this is Kim Butler with
HomeSmart Realty Group and I’m gonna be discussing two important topics one
everybody if you’re you have aging parents or you yourself or a retirement
age the question is what happens to your property what happens to your home when
you die when your parents pass away well if they don’t have a trust it’s going to
go through probate so we’re going to talk about probate what that is and how
that works with your will and then we’re going to talk about budgeting and
financial matters how to stay out of debt and why what happens with credit
card debt and how that can just trap you so I want to make sure that people
understand how the interest on my credit card debt works and how to beat the
system so how to live within your budget okay so stay tuned and we’re gonna take
a deep dive right now and do it real simple so that everybody can understand
I need to issue a disclaimer at this point and just say that I am NOT an
attorney and I’m not pretending to be an attorney I’m just giving you general
information to give you a background for specific situations you need to consult
with your own attorneys what happens when someone dies in Colorado without a
trust well in Colorado without a trust it goes into probate and this is part of
the law when a person legally known as a decedent dies the possessions they leave
behind are known as an estate. An estate can be anything from physical property
like land real estate or furniture to financial interests like stocks or
retirement benefits settling that the decedent’s affairs after they pass is referred to as a state administration and generally
occurs under the supervision of a probate court so the next question is
what is a probate court probate is the legal process used to
transfer title of assets like cars real estate money in the bank from the
decedent to his or her devisees. These devisees are recipients named in the will
and they don’t have to be relatives, or their heirs such as their children and
grandchildren and if the decedent did not have a will the law determines how
the estate is divided amongst the heirs. All wills must be probated by the court
system but the degrees of court involvement and the complexity ranged
from simple and inexpensive to complicated and costly in Colorado there
are three types of probates Karl, since your Mother had a WILL and because the
value of her assets is greater than $50,000 and because her will is
uncontested, her estate is being probated in the following way: Uncontested estates
are the informal method the informal process is generally allowed when there
is a valid will and no contest no arguments are expected and there is a
qualified personal representative Anne Marie and Jon Peterson are the
qualified personal representatives chosen by your mother. The court has a
limited role in the administration but ensures that the directions of the will
are followed according to the LAW. What are the responsibilities of the personal
representative? A personal representative has many duties rights and
responsibilities including the ability to open and maintain an estate bank
account, to sell transfer or encumber real property, to sell and/or transfer
assets, to consolidate bank accounts and to deal with creditors. A personal
representative has a fiduciary duty to the Estate, the heirs, and other interested parties including creditors. A personal
representative’s specific duties include: #1 to act impartial in regards
to all parties to the estate #2 to administer the estate with care and
prudence #3 to put the interests of the estate in front of the
personal representatives own interests #4 to be loyal and treat each
party the same. Other responsibilities of the personal representative include
creating an estate inventory of all the decedent’s assets, meaning real and
personal property. This includes applicable titling and date-of-death
values, managing the estate assets until the court approves the closing of the
estate. Keeping accurate records of the estate’s transactions and making
distributions to the creditors devisees and/or heirs. A personal representative
is entitled to a reasonable compensation for their services and whether or not
they elect to take a fee the personal representatives should keep track of the
time they spend working on the administration of the estate. Karl, let me
just say a word about your family. I have never seen a family support a relative
in the way that your cousins have been doing for you. I think it’s outstanding
and incredible. Bill and Kim came all the way from Indiana and that is a long ways
and Bill did that trip twice. You have amazing support from your
family and I’m extremely impressed and hope that you’re extremely grateful for
everything that they’re doing to add value to the estate to benefit you and Kirsten. The amount of time that Anne Marie and Jon are spending, and had to spend just
to learn the LAW and to understand the ESTATE is incredible. Anne Marie and Jon
have sacrificed a lot, and as school teachers, they’re giving up most of
their vacation time this summer to help you settle this estate and get your
mother’s house ready to sell for top dollar! So, I really hope you appreciate
what they have done for you. Karl, I decided to end this video right here
because it’s getting so long and I’ll cover the other topics in the next video! BYE

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