What forms are needed to release funds from my deceased father's account to pay for funeral?
Full Question:
Answer:
When a person dies, their assets are distributed in the probate process. If a person dies with a will, an executor is named to handle the distribution of the estate. If the person dies without a will, the court appoints an administrator to distribute the decedent's assets according to the state's laws of intestacy. In cases where the decedent didn't own property valued at more than a certain amount, which varies by state, the estate may go through a small estate administration process, rather than the formal probate process. To dispose of the real property interests of the decedent, the executor or administrator executes an executor's deed or fiduciary deed.
Joint tenancy is a form of ownership by two or more individuals together that differs from other types of co-ownership in that the surviving joint tenant immediately becomes the owner of the whole property upon the death of the other joint tenant. State law, which varies by state, controls the creation of a joint tenancy in real property. Joint tenancy property passes outside of probate; however, it may be severed so that the property becomes part of one person's estate and passes to that person's heirs. Each joint tenant has an equal, undivided interest in the whole property, and may enter onto, take possession of the whole, occupy, and use every portion of the common property at all times and in all circumstances. All joint tenants, and their spouses, must sign deeds and contracts to transfer or sell real estate.
In the case of a life tenant who holds a life estate, when the life tenant dies, their interest may pass to the remaindermen. Title may also return to the person giving or deeding the property or to his/her surviving children or descendants upon the death of the life tenant--this is called "reversion."
In Colorado, if the value of the estate isn't more than $50,000, a summary prcedure for small estate administration may be used. An heirship affidavit may be used in such cases to collect property of the decedent.
The following are CO statutes:
15-12-1201. Collection of personal property by affidavit.
(1) At any time ten or more days after the date of death of a decedent,
any person indebted to the decedent or having possession of tangible
personal property or an instrument evidencing a debt, obligation, stock,
chose in action, or stock brand belonging to the decedent shall make
payment of the indebtedness or deliver the tangible personal property or an
instrument evidencing a debt, obligation, stock, chose in action, or stock
brand to a person claiming to be the successor of the decedent upon being
presented an affidavit made by or on behalf of the successor stating that:
(a) The fair market value of property owned by the decedent and subject to
disposition by will or intestate succession at the time of his or her
death, wherever that property is located, less liens and encumbrances, does
not exceed fifty thousand dollars;
(b) At least ten days have elapsed since the death of the decedent;
(c) No application or petition for the appointment of a personal
representative is pending or has been granted in any jurisdiction; and
(d) Each claiming successor is entitled to payment or delivery of the
property in the respective proportion set forth in such affidavit.
(2) A transfer agent of any security shall change the registered
ownership on the books of a corporation from the decedent to the
successor or successors upon the presentation of an affidavit as provided
in subsection (1) of this section.
(3) The public official having cognizance over the registered title of any
personal property of the decedent shall change the registered ownership
from the decedent to the successor or successors upon the presentation of
an affidavit as provided in subsection (1) of this section.
15-12-1202. Effect of affidavit.
The person paying, delivering, transferring, or issuing personal property
or the evidence thereof pursuant to affidavit is discharged and released to
the same extent as if he dealt with a personal representative of the
decedent. He is not required to see to the application of the personal
property or evidence thereof or to inquire into the truth of any statement
in the affidavit. If any person to whom an affidavit is delivered refuses
to pay, deliver, transfer, or issue any personal property or evidence
thereof, it may be recovered or its payment, delivery, transfer, or
issuance compelled upon proof of their right in a proceeding brought for
the purpose by or on behalf of the persons entitled thereto. Any person to
whom payment, delivery, transfer, or issuance is made is answerable and
accountable therefor to any personal representative of the estate or to any
other person having a superior right.
15-12-1203. Small estates — summary administrative procedure.
If it appears from the inventory and appraisal that the value of the
entire estate, less liens and encumbrances, does not exceed the value of
personal property held by or in the possession of the decedent as fiduciary
or trustee, exempt property allowance, family allowance, costs and expenses
of administration, reasonable funeral expenses, and reasonable and
necessary medical and hospital expenses of the last illness of the
decedent, the personal representative, without giving notice to creditors,
may immediately disburse and distribute the estate to the persons entitled
thereto and file a closing statement as provided in section 15-12-1204.
15-12-1204. Small estates — closing by sworn statement of personal
representative.
(1) Unless prohibited by order of the court, and except for estates being
administered by supervised personal representatives, a personal
representative may close an estate administered under the summary
procedures of section 15-12-1203 by filing with the court, at any time
after disbursement and distribution of the estate, a verified statement
stating that:
(a) To the best knowledge of the personal representative, the value of the
entire estate, less liens and encumbrances, did not exceed the value of
personal property held by or in the possession of the decedent as fiduciary
or trustee, exempt property, family allowance, costs and expenses of
administration, reasonable funeral expenses, and reasonable and necessary
medical and hospital expenses of the last illness of the decedent;
(b) The personal representative has fully administered the estate by
disbursing and distributing it to the persons entitled thereto; and
(c) The personal representative has sent a copy of the closing statement
to all distributees of the estate and to all creditors or other claimants
of whom he is aware whose claims are neither paid nor barred and has
furnished a full account in writing of his administration to the
distributees whose interests are affected.
(2) If no actions or proceedings involving the personal representative are
pending in the court one year after the closing statement is filed, the
appointment of the personal representative terminates.