Chapter 20 - § 20.20 • COLLECTING AND PROTECTING ASSETS

• Jurisdiction: Colorado

§ 20.20 • COLLECTING AND PROTECTING ASSETS

It is the duty of the representative to take such steps to collect and preserve the assets of the estate as prudent persons would take with the property interests of others. C.R.S. §§ 15-12-703(1) and 15-16-302; see Brothe v. Zaiss, 183 P.2d 561 (Colo. 1947), overruled by Hoff v. Armbruster, 242 P.2d 609 (Colo. 1952); Wysowatcky v. Denver Willys Co., 281 P.2d 165 (Colo. 1955). C.R.S. § 15-10-111(3) provides that the representative has the authority to enter the decedent's safe-deposit box upon the same terms and conditions as the decedent was permitted to enter during his or her lifetime. If the property is such that it is likely to be stolen or lost, such as securities or jewelry, it should be placed in a safe-deposit box in a responsible financial institution. If it is real property, the representative is under a duty to provide a caretaker or other security arrangement if it is vacant, and to keep it in reasonable repair so that it continues to be rentable and not a menace to the public or violative of the provisions of any ordinance or statute that would give rise to a liability for damage because of injury to the person or property of another. The representative's liability may be to the estate or to third persons, depending upon the circumstances.³³ C.R.S. §§ 15-12-808 and 15-16-306. It is not a breach of duty for the representative to fail to bring a suit to set aside, as gratuitous, a deed from the decedent to himself and his wife as...