On April 18, 2016

How CO Laws Limit the Choice for Executors

How CO Laws Limit the Choice for Executors

Part of developing an estate plan will involve naming an executor (or personal representative) to administer the plans in the future. Understanding the specific requirements for executors, as set forth by Colorado laws, will be important to naming appropriate choices – and to minimizing your loved one’s future stresses as they carry out your estate plan in the future.

To elucidate these requirements and the Colorado laws pertaining to them, below we have answered some of the most commonly asked questions about executor requirements in Colorado.

FAQs about the Requirements for Executors in Colorado

Q – What are the most fundamental requirements for executors in Colorado?

A – On the most basic level, executors in Colorado are legally required to be:

  • At least 18 years old
  • Of sound mind.

Although some states prohibit convicted felons from serving as executors, Colorado laws currently do not include this restriction.

Q – Can I name an executor who lives out of state?

A – Yes, as Colorado laws do not have restrictions on where executors have to live. However, it should be noted that executors typically have to deal with a series of affairs following a death – and that, oftentimes, this means having to conduct various business in the city/state of the decedent. That can mean that, generally, it’s advisable to appoint an executor who lives close to you, who may be familiar with your affairs, and who is willing/able to deal with the affairs that may arise in the future.

Q – Can I name co-executors?

A – Yes, if you believe that your estate and beneficiaries would benefit from a co-executorship, you are certainly able to name two (or even more) executors to share this responsibility. And, you can provide specific instructions regarding what affairs each (or both) are to handle in the future.

Here, it’s also important to note that, whether you name one or more executors, you options can include (but may not be limited to):

  • A spouse
  • Adult children or siblings
  • Other trusted loved ones
  • Professionals, such as lawyers or others.

Q – Can I list substitute or replacement executors in my estate plan?

A – Yes, and in general, it’s strongly advised that successor executors are named in estate plans just in case anything prevents a first choice from being able to serve in this role. Without successor options named, it will be up to the court to appoint an executor – and that may not be ideal for you, your estate and your family.

Q – How can I set an executor up for success when it comes to carrying out my estate plan in the future?

A – Discuss your estate plan with your top choice(s) for executor(s) so they are familiar with your plans and intentions. Other ways to set your executor up for success include by:

  • Regularly reviewing and revising your estate plan so that it’s always up to date
  • Informing your executor(s) of who you estate planning lawyer is so that they can work together if or when necessary in the future to carry our your  wishes.

Contact a Denver Estate Planning Attorney at JR Phillips & Associates, PC

For experienced help developing or administering an estate plan, you can turn to the Denver estate planning attorney at JR Phillips & Associates, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning, elder law and other legal needs, and we take pride in helping each of our clients and their families find the best solutions for them.

To discuss your estate planning and/or administration options and needs with an experienced lawyer, call our firm today at (303) 741-2400 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Drafting Wills, Estate Administration, Estate Planning, Trustees, Executors & Fiduciaries