Legal Question in Wills and Trusts in Colorado
Claims on estate
Is there a statute of limitations on an estate? I am personal representative and have made payments to all beneficiaries already. Now I'm getting letters and phone calls about verbal agreements for claims made with deceased. Also, eventhough I am personal representative, the deceased and I opened a bank account listing both of us on the account, so it is my understanding that this money in the account (which is all of her estate) is mine and supercedes the will. Since this money is in my name am I required to pay these claims? Thank you for any replies.
1 Answer from Attorneys
Re: Claims on estate
Your question suggests that you should immediately engage the services of a qualified estate lawyer. There are time limits on claims that you start running by opening the estate and providing appropriate notice to creditors.
There is also a one year time limit on claims after the date of death. If you have not followed the procedures and steps required by the Colorado Probate Code, then you may be personally liable for valid claims against the estate.
In order to protect yourself and the estate, you should engage the services of a qualified estate lawyer as soon as possible.
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