Legal Question in Wills and Trusts in Colorado
Asset valuation
My deceased mom's will provides that all assets be distributed equally between three children. I am PR. We are under the estate cap. She has 2 cars. Who gets the cars is not the problem, it's what the other two should receive. The disagreement is how to value and distribute equally. Let's take one of her cars - it is valued at 10K - should the two kids who don't get the car get equal 10K value in cash or other assets? One sibling thinks this is wrong, that the value of the car should be split three ways, with one person getting the car the others getting their third of the value. To me this is not equitable. Any thoughts?
1 Answer from Attorneys
Re: Asset valuation
Yes, here are several thoughts. First, the PR operates under the doctrine of fiduciary neutrality. That means you cannot take a position different from each beneficiary getting an equal third of the assets.
Second, you could sell everything and distribute cash. This ends all disputes and should be in accord with the Will.
Third, you could just file an Application for Clarification with the Court where you opened the estate. Let the beneficiaries come in to Court with their positions and the judge can decide and you would just follow the Court's Order.
Fourth, everyone could agree doing away with the necessity of getting a Court Order. The key is getting everyone to agree and sign the Estate Settlement Agreement.
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