Legal Question in Wills and Trusts in Colorado
request for probate from out of state bank
My mother passed away from Alzheimer's in October. As her POA for several years, I can attest that she had had no debt for years and no estate taxes will be owed. Her modest estate is all liquid (no real property). My sister was named in the will as executrix, with all authority and responsibilities therein.
On Mom's passing, my sister had begun to collect all monies and depositing them to an account for the estate while paying final expenses. There is another sister who is equal heir with us and no others. All had been going smoothly for the settlement of the estate until she sent the requested documentation to USAA where we had invested in a CD for Mom. There was no bebeficiary named on it and it matured in December.
Now USAA informs us that they want the will probated before we see a dime. I do not understand how they can presume to do this, being that Colorado probate law requires no such thing unless a will is contested. It would also take a sizeable chunk out of what's left for my family.
They have chosen not to explain themselves to us and unsure what to do.
1 Answer from Attorneys
Re: request for probate from out of state bank
Whether estate administration will be required for the USAA account depends on several factors.
1. The size of the account. If the account is of sufficient size then even if the account was in Colorado, administration would be necessary.
2. Since the account is out of state, the representatives of the bank may not be familiar with Colorado's system of estate administration. If the account is small enough, then you may have some success in getting them to accept a Small Estate's Affidavit in transferring the account proceeds to the PR.
You may be faced with engaging the services of an experienced trust and estates lawyer to assist the PR in resolving this.
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