This transcription was AI generated
Transcription:
Out-of-state property is pretty easy to handle unless it is real estate. If you open up a probate case in Colorado and say someone owns a limited liability company or share in limited liability company or corporation that is out of state, that’s just personal property. They have a bank account in some other state. Personal property, you can simply go to those states and say, “I’ve been appointed as the personal representative and so I want to take that property and do whatever I want with it.” And you don’t have to have any kind of formal proceeding in the other state. If you have real estate though, you’re going to have to open up what’s called an ancillary proceeding, which basically means you open up a case in Colorado and then you go to say Florida and you open up another case and get yourself appointed as the personal representative down there to deal with that real estate. It’s a bit of a nuisance. It’s a bit basically doubles your expenses, but that’s the only way to do it. So, if you’ve got somebody with property out of state real estate, encourage them to either put it in a trust or do a beneficiary deed before they pass so that you won’t have to go through