The Role of a Personal Representative or Executor

One of the most important reasons to make a will is to name your executor -- commonly called a “personal representative” in Colorado.  If the person serving is a female -- an executrix. After your death, your executor's primary job is to protect your property until any debts and taxes have been paid, and then transfer what's left to those who are entitled to it.

What is Your Role as an Executor

• (1) determine if there are any probate assets;

• (2) identify, gather, and inventory the assets of the deceased;

• (3) receive payments due to the estate, including interest, dividends, and other income (e.g., unpaid salary, vacation pay, and other company benefits);

• (4) set up a checking account for the estate;

• (5) figure out who is going to get what and how much under the Will (if there is no Will, the state’s “interstate succession laws” apply);

• (6) value or appraise the estate’s assets;

• (7) give legal notice to potential creditors (the procedure and deadlines for creditors to file claims vary from state-to-state);

• (8) investigate the validity of all claims against the estate;

• (9) pay funeral bills, outstanding debts, and valid claims;

• (10) pay the expenses of administrating the estate;

• (11) handle various paperwork, such as discontinuing utilities and charge cards, and notifying Social Security, Civil Service, and Veterans Administration of the death;

• (12) file and pay income and estate taxes;

• (13) distribute the remaining property in accordance with the instructions provided in the deceased’s Will; and

• (14) close probate.

As of 2018, only gross estates with values of more than $5.6 million are subject to federal estate taxes, but some states also impose estate taxes. Colorado is not one of those states.  They do not impose an estate tax. Your gross taxable estate is the total value of all you own, both probate assets and property that pass directly to a living beneficiary.

As you can see, serving as a personal representative can be a huge responsibility and is often a time-consuming burden. If you need help finding a good estate planning attorney, please don't hesitate to reach out to me.  I have resources to help you.

Patio Home In Secure Neighborhood

Patio homes in secure neighborhoods are hard to come by in Colorado.  The sought after neighborhood of Four Seasons, in Fort Collins, is the perfect location for you or mom, and this one is for sale!! 

Mature trees adorn the neighborhood making for a warm inviting entrance.  It is a community in a community where your neighbors look out for each other.  Some of the owners have a monthly social gathering and visit often. 

900 Arbor Ave #6, Fort Collins, CO  $388,500

900 Arbor Ave #6, Fort Collins, CO  80526

The home features include:

• main floor master bedroom
• main floor laundry
• a newly remodeled kitchen
• a second bedroom on the main level for guests or an office
• a fully finished basement with recreation room, 3/4 bath, and a third bedroom
• newly poured fenced-in patio for your animals and privacy
• newly poured and driveway with rebar
• roof if 2 years old
• newer stainless steel appliances - even washer/dryer
• exterior paint is 2 years old
• Central air

The living room has vaulted ceilings and a door that leads to the patio.  Warm your bones with the cozy gas fireplace that can heat the room up in a hurry.  

The kitchen is a galley kitchen with enough room for a small table.  You can enjoy the south windows and watch the birds while you have your morning coffee.  The pantry has added pull-outs which make it easier to get to those foods that are in the back.   There is an additional pantry area for larger items such as mixer, paper items, etc.

What better way to spend your day than in this new kitchen.  It has new flooring, sink, faucet, back-splash, counters, lighting, and appliances. 

If you are interested in a showing, please call Margaret at 970-672-6069 - Turn Key Realty
margaret@turnkeyrealtyco.com

https://cutt.ly/Swdswqc

Your Senior Resource

How to Help Seniors Declutter

Your senior will have accumulated a lifetime of belongings - some pieces stir deep memories while others don’t but they want to keep them.  There is a theory called the "endowment effect" that suggests we place more value on items once we claim ownership of them.  So all the things you "own" have more value to you and it is harder to get rid of.  To help Seniors, or anyone, for that matter declutter, here are a few tips.

Mobility 

Reducing clutter can create more space and reduce the probability of dangerous falls, or tripping incidents that lead to a loss of mobility. In other cases, decluttering can be helpful to you if you are experiencing limited mobility allowing for easier movement throughout the home. This is one way to let seniors know why they are "decluttering".  

Be Empathetic

Seniors are especially fond of items they have collected over time, again the "endowment effect".  It is hard for them to know that they are parting with the past and that a change is coming.  Be patient and keep the senior involved with the process.  Make sure that the care and concern for their wellbeing are being prioritized. 

Create Four Categories 

• Sale
• Donate/gift
• Discard
• Create a room/space for paperwork or items you need to go through
• Discard any worn bedding, clothing, or towels

Take One Room At A Time

By decluttering room-by-room, this can make the task less daunting, especially with a uniform process for each room.  You might consider starting with a room that is less cluttered.  You and the senior will see more progress and the next room will seem less overwhelming to them.

• Use boxes, bags, or baskets for sorting items
• Be sure to donate or sell clothing you have not worn in the past year
• Any items in a storage unit should be discarded or sold

How To Determine If An Item Is Valuable

• Check for distinctive markings
• Research items similarly made online
• Research the artist or manufacturer who created the item
• If you aren't sure, consult an expert

This is a time in seniors lives when they might possibly need some counseling.  Don't hesitate to bring in an Elder Therapist to help with the transition.  The Office On Aging in Larimer County is a great resource for help.

10 Reasons To Move To Loveland CO

I get the same response about every time I'm asked where I'm from.  Loveland, Colorado. "Oh, I'd love to live in Colorado".  So why is there such a draw to this area?  Why should you move to Loveland CO?

1. The Rocky Mountains

With views as beautiful as the Rocky Mountains, who wouldn't want to live here.  Every season is as gorgeous as the last one.  From snow-capped mountains to springtime wildflowers, the Colorado Rockies are a breathtaking sight.  The majestic pink skies and cotton candy clouds are a magnificent image. Amazing as it seems, there is a view for anyone who opens their eyes.

2. The Sweetheart City

Since we are known for Love, why not send your sweetheart a Valentine from our city?  Every February you can have your Valentine sent to the Chamber of Commerce, stamped with the official Valentine stamp for the year, and remailed to your sweetheart.  What better way to share your love than with a special Valentine!

3. Big Thompson River & Area Lakes

The Big Thompson River provides excellent fishing opportunities.  If you are a novice fisherman or a beginner, you can catch trout, walleye, bass, or other fish from this river.  Loveland also is the backdrop for a lot of lakes.  In fact, Lake Loveland, Boyd Lake, and Carter Lake are just a few lakes that have public access.  If fishing isn't your forte, paddleboarding, boating, jet skiing, and swimming are other options.  Carter Lake is also home to sailboating enthusiasts. There are a lot more lakes but many are private lakes.  

4. The Public Arts Program

Loveland, CO has 475 pieces of art in its public arts collection.  The arts collection consists primarily of sculptures; however, the collection also includes murals and other flatwork.  Over 150 pieces of the city's sculptures can be found in Loveland's Benson Sculpture Garden.  This "public treasure" draws tens of thousands of visits each year.

5. Hiking/Biking

Loveland is host to 26 miles of bike and hiking trails.   The Recreation Trail System consists of paved trail nearly encircling Loveland and connecting to other regional trails, including Long View Trail and Colorado Front Range Trail.  Take a ride and enjoy the view!!

6. Microbrews

Loveland on tap consists of various brews from Sours to IPA's to Porters and Stouts.  Strawberry beer, chocolate beer, lemon etc.  Different tastes for different folks with 388 breweries in the state of Colorado and 50 new pending licenses as of January 2019.  Entertainment, greenhouses, warehouses, and eclectic decor enhance the experience of the local brews.   A new delicious brew to try each day of the week.  

Living in Loveland is home to all of the above but it's also home to (7.) wonderful schools, (8.)robust higher education opportunities, (9.)a variety of restaurants, and (10.)community events on a regular basis.  

If you are interested in moving to Loveland or Northern Colorado, contact me, Margaret Herdt, Turn Key Realty for all of your real estate needs.

Basement Remodel - What's Your Return

Basement Conversion to Living Area

I have sellers ask me all the time what they should improve.  Recently, I had a gentleman in Greeley, Colorado ask if he should finish his basement and will it be worth the expense.  According to the National Association of Realtor® Research Department, this is what they found.

Consumers’ Viewpoint After Completing the Project: 

• The top reason for doing the project: to add features/improve livability - 57 percent.
• Second most common reason: moved into the home and want to customize - 16 percent.
• Most important result: better functionality and livability - 52 percent.
• Eighty-one percent said they have a greater desire to be home since completing the project, 65 percent have an increased sense of enjoyment when they are at home, and 77 percent have a major sense of accomplishment when they think of the project.
• Joy Score: 9.5 B

Seven percent of REALTORS® have suggested sellers convert a basement to a living area before attempting to sell, but only two percent said the project most recently helped cinch a deal for them, resulting in a closed sale.

Cost Recovery:

• NARI Remodelers’ cost estimate: $40,000.
• REALTORS®’ estimated cost recovered: $25,000.
• Percent of value recovered from the project: 63 percent.

So, as you can see it is more than likely not going to make the home sell faster but will give more enjoyment to the new buyer.  While you recover some of the costs it's not 100%

If you are interested in remodeling, I have contractors who are capable of finishing a basement.  Call me at 970-672-6069  Margaret Herdt Turn Key Realty