As used in this subsection (1), “will probated in this state” means a will that is declared to be valid by an order of informal probate by the registrar, or an adjudication of probate by the court. Except as otherwise provided in paragraph (c) of this subsection (1) and in part 13 of this article: […]
Except as provided in subsection (2) of this section and except as provided in connection with the share of the surviving spouse who elects to take an elective share, shares of distributees abate, without any preference or priority as between real and personal property, in the following order: Property not disposed of by the will; […]
Unless a contrary intent is indicated by the will, the amount of a noncontingent indebtedness of a successor to the estate if due, or its present value if not due, shall be offset against the successor’s interest; but the successor has the benefit of any defense which would be available to him in a direct […]
General pecuniary devises bear interest at the legal rate beginning one year after the first appointment of a personal representative until payment, unless a contrary intent is indicated by the will. Source: L. 73: R&RE, p. 1598, § 1. C.R.S. 1963: § 153-3-904.
A provision in a will purporting to penalize any interested person for contesting the will or instituting other proceedings relating to the estate is unenforceable if probable cause exists for instituting proceedings. Source: L. 73: R&RE, p. 1598, § 1. C.R.S. 1963: § 153-3-905.
A specific devisee is entitled to distribution of the thing devised to him. Any exempt property or family allowance or devise payable in money may be satisfied by value in kind, if: The person entitled to the payment has requested distribution in kind; The property distributed in kind is valued at fair market value as […]
If distribution in kind is made, the personal representative shall execute an instrument or deed of distribution assigning, transferring, or releasing the assets to the distributee as evidence of the distributee’s title to the property. Source: L. 73: R&RE, p. 1599, § 1. C.R.S. 1963: § 153-3-907.
Proof that a distributee has received an instrument or deed of distribution of assets in kind, or payment in distribution, from a personal representative is conclusive evidence that the distributee has succeeded to the interest of the estate in the distributed assets, as against all persons interested in the estate; except that the personal representative […]
Unless the distribution or payment no longer can be questioned because of adjudication, estoppel, or limitation, a distributee of property improperly distributed or paid, or a claimant who was improperly paid, is liable for return of the property improperly received and its income since distribution if he has the property. If he does not have […]
If property distributed in kind or a security interest therein is acquired for value by a purchaser from or lender to a distributee who has received an instrument or deed of distribution from the personal representative, or is so acquired by a purchaser from or lender to a transferee from such distributee, the purchaser or […]
When two or more heirs or devisees are entitled to distribution of undivided interests in any real or personal property of the estate, the personal representative or one or more of the heirs or devisees may petition the court, prior to the formal or informal closing of the estate, to make partition. After notice to […]
Subject to the rights of creditors, competent successors may agree among themselves to alter the interests, shares, or amounts to which they are entitled under the will of the decedent or under the laws of intestacy in any way that they provide in a written agreement, whether or not supported by a consideration, executed by […]
Before distributing to a trustee, the personal representative may require that the trust be registered if the state in which it is to be administered provides for registration and that the trustee inform the beneficiaries as provided in section 15-5-206. If the trust instrument does not excuse the trustee from giving bond, the personal representative […]
If any heirs or devisees of any intestate or testator are unknown, or if known and there is no person qualified to receive devises or distributive shares of such heirs or devisees at the time of making final settlement of the estate, or if such heirs or devisees refuse to receive and receipt for such […]
A personal representative or trustee may discharge his obligation to distribute to any person under legal disability: By distributing to his conservator; or By distributing to any person authorized by law to give a valid receipt and discharge for the distribution; or The court may authorize distribution to a parent or relative of or a […]
For purposes of this section: “Estate” means the gross estate of a decedent as determined for the purpose of federal estate tax and the estate tax payable to this state. “Fiduciary” means personal representative or trustee. “Person” means any individual, partnership, association, joint stock company, corporation, government, political subdivision, governmental agency, or local governmental agency. […]
