Probate, Trusts, And Fiduciaries - Digest of Bills

Digest of Bills - 2002

PROBATE, TRUSTS, AND FIDUCIARIES

S.B. 02-200 Probate of wills - notice and procedures - fiduciary powers. Subject to the provisions of a trust or will, authorizes and grants limited powers to a personal representative or other fiduciary to become a partner in a business interest without the necessity of court approval or specific language in the trust or will.

Allows notice of a hearing on a petition under the "Colorado Probate Code" to be given to an interested party's attorney of record or designee. States that a motion for court permission to publish the notice of a hearing in probate is not required unless otherwise directed by the court. Specifies the requirements for notice by publication of a hearing in probate.

Increases the dollar limits for exempt property to which a surviving spouse is entitled, the family allowance, and the collection of personal property by affidavit for small estates. Makes the increase in such dollar limits applicable to estates of decedents dying on or after July 1, 2002.

Provides that the presumption that tangible personal property in the joint possession or control of the decedent and the surviving spouse is held in joint tenancy with right of survivorship does not apply to tangible personal property that is devised in a memorandum for the disposition of tangible personal property. Makes the change in the presumption applicable to estates of decedents dying on or after July 1, 2002.

Clarifies that reasonable expenses associated with administering and investigating the ownership of property held by a decedent as a fiduciary or trustee can be paid from such property before the decedent's estate pays a claim for such property. Makes such change applicable to estates of decedents dying on or after July 1, 2002.

APPROVED by Governor May 28, 2002
EFFECTIVE July 1, 2002