When a loved one has passed away, an estate may be subject to the probate process in Colorado. During probate, assets in the decedent’s estate are distributed. A personal representative’s deed is a type of deed that transfers real property out of an estate.
Many people will try to sell property after someone dies, but Colorado law does not allow them to sell. This is because they do not have Letters. Through the probate process, a personal representative is officially appointed by the court, and they receive Letters of Administration (if there is no Will) or Letters Testamentary (if there is a Will). These Letters tell financial institutions, realtors, creditors, etc., that they are the only one with the authority to act on behalf of the estate. After receiving Letters during the probate process, the personal representative has the authority to sell the property on behalf of the decedent’s estate.
What if the Personal Representative is Receiving the Property?
Oftentimes, the personal representative also happens to be the beneficiary of the decedent’s property. This means the property needs to be transferred from the decedent’s estate to the personal representative. As mentioned above, typically all the personal representative needs to transfer property are their Letters. However, when it comes to transferring property into their own name, the personal representative needs to get court approval. In Colorado, the probate court must grant an order approving the transfer of the real property into the personal representative’s name. This is an extra step to ensure the personal representative is not acting in their own self-interest but is transferring the property in accordance with the will or Colorado’s intestacy statute.
Meet with an Attorney
Dealing with someone’s death can be very difficult. Having a personal representative’s deed is an important step in administering an estate and it is a very specific type of deed that should be drafted by an experienced Colorado probate attorney. If the deed is not done properly, it can cause problems for the personal representative, the buyer, and the decedent’s estate.
Schedule a probate advisory meeting with one of our experienced probate attorneys to learn more about personal representative’s deeds and the probate process! If you would like to learn more about probate and estate planning in Colorado, check out our blog.