Chapter 20 - § 20.8 • PROTECTING ESTATE

• Jurisdiction: Colorado

§ 20.8 • PROTECTING ESTATE

It is the duty of the representative to take and keep control and to preserve the property of the estate, including the duty to determine how to vote stock owned,¹⁶ to enforce claims of the estate against others, and to defend the estate against claims of others.¹⁷

In practice, such things of minor value as ordinary household goods are not taken into possession, but the receipt of the person ultimately entitled to them will be taken. Usually, jewelry and other tangibles of considerable value will be taken into possession. The action with regard to tangibles will depend considerably on the financial responsibility of the person ultimately entitled to the property and its value. C.R.S. §§ 15-12-709 and 15-1-804(2)(bb); but see People v. Cormick, 784 P.2d 808 (Colo. App. 1989).

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Notes:

^[16] Thompson v. Orchard State Bank, 227 P. 827 (Colo. 1924); Bostick, "Responsibility for Voting Stock," 109 Trusts & Estates 772; Scott on Trusts §§ 193 et seq. (3d ed.); Harman, "Voting Stocks Held in Trust Accounts," 112 Trusts & Estates 548; Theobald, "Management Aspects of Proxy Voting," 112 Trusts & Estates 126.

^[17] Scott on Trusts §§ 175 through 178; Bogert, The Law of Trusts & Trustees, supra n. 3, at § 592; see Scholtz, 191 P. 123; Annot. 14 A.L.R.3d 1036, on negligence in defending claims against estate...