In Gypsum, Colorado, probate is the process through which a Court decides if a will is valid or not.
As part of this procedure, the Gypsum, Colorado probate court will decide the validity of the will, inventory the decedent's assets and debts, and then, lastly, distribute the estate according to the will, assuming it is deemed to be valid.
Wills frequently name a person as the executor of the estate. If not, the court in Gypsum, Colorado will name one. This is most often the adult individual who stands to inherit the most funds or property from the will.
The executor is the person accountable for initiating the probate proceedings. The person who would inherit the most from the will is appointed, because they have the greatest inducement to move the process along as quickly as possible, so they can get their inheritance.
Duties of the Executor in Gypsum, Colorado
The executor has various duties with respect to the will. First, it is his or her job to actually initiate probate proceedings, which often must be finalized before the will is given effect.
They additionally are obligated to provide notice to the people with a direct interest in the estate that the decedent has died, typically by filing a death certificate.
If the decedent was even reasonably well-off financially, it's likely that they'll have substantial amounts of both debts and assets. The executor is tasked with drafting an accurate accounting of the debts and assets of the estate, so as much of the decedent's debts can be paid off as possible.
Moreover, the executor is obliged to take a leading role in establishing the validity of the will. The executor obviously has an incentive to see the process through, since they cannot inherit until probate is complete.
How Can A Gypsum, Colorado Lawyer Help?
Because this process can be fairly confusing, it is not a bad idea to consult with a reliable probate lawyer in Gypsum, Colorado, especially if you find yourself as the executor of an estate and don't know how to proceed.