Chapter 20 - § 20.3 • DUTY OF LOYALTY

• Jurisdiction: Colorado

§ 20.3 • DUTY OF LOYALTY

A representative, although appointed under a will, is not under a duty to accept the office and may disclaim (see JDF 912). Having qualified, he or she must continue to administer the estate until the resignation has been accepted by the court or he or she has been removed. C.R.S. § 15-12-611. First, last, and always, the duty of the representative is to be loyal to the interests of the estate, to creditors (Scholtz v. Hazard, 191 P. 123 (Colo. 1920)), tax authorities, and those who will take what remains after debts and taxes are paid. His or her own personal interests, so long as he or she is acting as representative, must be subordinated to the interests of those represented. Murray v. Stuart, 247 P. 187 (Colo. 1926); Estate of Macky, 213 P. 131 (Colo. 1922); Dusing v. Nelson, 2 P. 922 (Colo. 1884).

A will may contain provisions that are designed to relieve the fiduciary from the consequences of failure to fulfill some or all of the duties that are touched on in this...