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What happens with property when someone dies? Probate and Wills - YouTube
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Hi there, this is Kim Butler with
HomeSmart Realty Group and I'm gonna be
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discussing two important topics one
everybody if you're you have aging
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parents or you yourself or a retirement
age the question is what happens to your
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property what happens to your home when
you die when your parents pass away well
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if they don't have a trust it's going to
go through probate so we're going to
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talk about probate what that is and how
that works with your will and then we're
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going to talk about budgeting and
financial matters how to stay out of
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debt and why what happens with credit
card debt and how that can just trap you
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so I want to make sure that people
understand how the interest on my credit
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card debt works and how to beat the
system so how to live within your budget
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okay so stay tuned and we're gonna take
a deep dive right now and do it real
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simple so that everybody can understand
I need to issue a disclaimer at this
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point and just say that I am NOT an
attorney and I'm not pretending to be an
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attorney I'm just giving you general
information to give you a background for
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specific situations you need to consult
with your own attorneys what happens
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when someone dies in Colorado without a
trust well in Colorado without a trust
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it goes into probate and this is part of
the law when a person legally known as a
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decedent dies the possessions they leave
behind are known as an estate. An estate
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can be anything from physical property
like land real estate or furniture to
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financial interests like stocks or
retirement benefits settling that the
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decedent's affairs after they pass is referred to
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as a state administration and generally
occurs under the supervision of a
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probate court so the next question is
what is a probate court
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probate is the legal process used to
transfer title of assets like cars real
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estate money in the bank from the
decedent to his or her devisees. These
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devisees are recipients named in the will
and they don't have to be relatives, or
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their heirs such as their children and
grandchildren and if the decedent did
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not have a will the law determines how
the estate is divided amongst the heirs.
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All wills must be probated by the court
system but the degrees of court
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involvement and the complexity ranged
from simple and inexpensive to
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complicated and costly in Colorado there
are three types of probates Karl, since
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your Mother had a WILL and because the
value of her assets is greater than $50,000
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and because her will is
uncontested, her estate is being probated
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in the following way: Uncontested estates
are the informal method the informal
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process is generally allowed when there
is a valid will and no contest no
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arguments are expected and there is a
qualified personal representative Anne
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Marie and Jon Peterson are the
qualified personal representatives
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chosen by your mother. The court has a
limited role in the administration but
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ensures that the directions of the will
are followed according to the LAW. What
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are the responsibilities of the personal
representative? A personal representative
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has many duties rights and
responsibilities including the ability
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to open and maintain an estate bank
account, to sell transfer or encumber
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real property, to sell and/or transfer
assets, to consolidate bank accounts and
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to deal with creditors. A personal
representative has a fiduciary
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duty to the Estate, the heirs, and other interested
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parties including creditors. A personal
representative's specific duties include:
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#1 to act impartial in regards
to all parties to the estate #2
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to administer the estate with care and
prudence #3 to put the
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interests of the estate in front of the
personal representatives own interests
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#4 to be loyal and treat each
party the same. Other responsibilities of
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the personal representative include
creating an estate inventory of all the
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decedent's assets, meaning real and
personal property. This includes
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applicable titling and date-of-death
values, managing the estate assets until
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the court approves the closing of the
estate. Keeping accurate records of the
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estate's transactions and making
distributions to the creditors devisees
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and/or heirs. A personal representative
is entitled to a reasonable compensation
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for their services and whether or not
they elect to take a fee the personal
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representatives should keep track of the
time they spend working on the
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administration of the estate. Karl, let me
just say a word about your family. I have
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never seen a family support a relative
in the way that your cousins have been
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doing for you. I think it's outstanding
and incredible. Bill and Kim came all the
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way from Indiana and that is a long ways
and Bill did that trip twice.
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You have amazing support from your
family and I'm extremely impressed and
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hope that you're extremely grateful for
everything that they're doing to add
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value to the estate to benefit you and Kirsten. The amount of time that Anne Marie and
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Jon are spending, and had to spend just
to learn the LAW and to understand the
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ESTATE is incredible. Anne Marie and Jon
have sacrificed a lot, and as
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school teachers, they're giving up most of
their vacation time this summer to help
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you settle this estate and get your
mother's house ready to sell for top
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dollar! So, I really hope you appreciate
what they have done for you. Karl, I
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decided to end this video right here
because it's getting so long and I'll
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cover the other topics in the next video! BYE
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