Probate In Colorado: Valuing, Liquidating, And Distributing Assets

Do you have questions about what to do with some of the assets in an estate? Call (720) 513-2299 to set up a free legal consult with an estate probate attorney. 

Some of the most important aspects of settling an estate is inventorying, valuing, liquidating, and distributing all of the assets of the person who has died.

As personal representative (executor) of a will, you’ll perform this duty with the help of your “Letters of Administration,” which are also known as “Letters Testamentary.”

Provided by the probate court, the Letter of Administration is a legal document that gives you the authority to make transactions on behalf of the estate.

The most common assets in an estate include:

  • cash
  • bank accounts (checking and savings)
  • retirement accounts (IRAs, 401ks, etc)
  • stocks and bonds
  • vehicles (cars, trucks, motorcycles, boats, RVs, etc)
  • real estate (house, condo, townhome, vacation home, commercial real estate, etc)
  • household items (furniture, TVs, clothes, etc)
  • jewelry and other personal items
  • artwork and collections
  • business interests

If the will has designated that specific assets (such pieces of jewelry) will go to specific beneficiaries, you can distribute those directly.

With all of the other assets, however, you’ll need to liquidate them at fair market value. With higher-value items, it can be helpful to get an independent appraisal, so that you’re certain that you’re selling the asset for what it’s worth.

As you sell off assets from the estate, you’ll put the proceeds from the sales into an estate bank account. From this estate account, you’ll pay off all of the debts that the estate owes (including funeral expenses, medical bills, creditors, tax liabilities, etc).

At that point, you can then distribute the remaining funds to the beneficiaries, according to the terms of the will.

For more information about valuating and selling assets in probate, give us a call or contact us online.

What Clients Are Saying About Althaus Law

"Working with Kayla at Althaus Law was an outstanding experience. Kayla took the time to explain all of the necessary documents for the estate planning process and medical directives, all the while ..."
Maureen G
"Kayla Seale is professional, knowledgeable, compassionate and friendly. It was an absolute pleasure working with her! No one likes to think about passing. There are so many critical and emotional ..."
Debra M.
"My wife and I went to Althaus Law for Estate Planning. Andrew St. Pierre did an outstanding job for us, patiently answering all our questions, and helping us in a thorough and professional fashion. We ..."
Michael R.
"I would highly recommend Althaus Law."
Ean
"Every detail was taken care of in a very professional and timely manner. I would highly recommend Althaus Law."
Sue

Schedule Your Free Initial Consultation

Fill Out the Contact Form Below to Get Started

Understanding

The topic of estate planning can be difficult to discuss, especially since mortality is one of the main topics. At our compassionate law firm, we understand this and many of the other sensitive issues that arise when resolving estate planning concerns. You can rely on our experience to lead you through these complicated matters with an open and honest mind.

Compassion

We love getting to know our clients and their families. It brings a smile to our faces to know that we help preserve what you have worked so hard to earn while being able to pass it on to your future generations.

Community

Althaus Law prides itself on its dedication to the Colorado community. Not only do we volunteer more than 10 hours a month to local nonprofit organizations, but we also strive to be a completely green firm. Further, we donate a percentage of all profits to charities.

Focus

Estate planning and probate are all we do. We focus day in and day out on staying up to date on the latest estate planning and probate laws. At Althaus Law, we are constantly researching the newest techniques and strategies that can save our clients and their families money in the long run.