Colorado § 15-12-912 - Private agreements among successors to decedent binding on personal representative.

§ 15-12-912. Private agreements among successors to decedent binding on personal representative.

Subject to the rights of creditors, competent successors may agree among themselves to alter the interests, shares, or amounts to which they are entitled under the will of the decedent or under the laws of intestacy in any way that they provide in a written agreement, whether or not supported by a consideration, executed by all who are affected by its provisions. The personal representative shall abide by the terms of the agreement subject to his or her obligation to administer the estate for the benefit of creditors, to pay all taxes and costs of administration, and to carry out the responsibilities of his or her office for the benefit of any successors of the decedent who are not parties. Personal representatives of decedents' estates are not required to see to the performance of trusts if the trustee thereof is another person who is willing to accept the trust. Accordingly, trustees of a testamentary trust are successors for the purposes of this section. Nothing in this section relieves trustees of any duties owed to beneficiaries of trusts.

Source: L. 75: Entire section added, p. 599, § 38, effective July 1. L. 99: Entire section amended, p. 467, § 5, effective July 1.

ANNOTATION

Law reviews. For article, "Avoiding Litigation in Probate Estates", see 18 Colo. Law. 875 (1989). For article, "JDF 999 Collection of Personal Property by Affidavit Pursuant to CRS §§ 15-12-1201 and -1202", see 42 Colo. Law. 49 (June 2013).

When attempting to carry out private agreement among successors, the personal representative must act for the benefit of all successors including those who are not parties. When a stipulated order for property distribution involves competing parties and interests, all parties must be given an opportunity to participate in the proceedings to determine the ownership interests. In re Estate of Masden, 24 P.3d 634 (Colo. App. 2001).

Where the will clearly limits participation in the estate to devisees and unambiguously excludes other family members from participation, the omitted heirs have no interest in the estate, are not affected by any agreement entered pursuant to this section, and are not entitled to any notice of such an agreement. In re Estate of Walter, 97 P.3d 188 (Colo. App. 2003).