You can reach us online or by phone at 303-395-4773. Types Of Probate In Colorado Regardless of whether there is a will or not, many estates must still go through probate — although exceptions exist, and the level of court involvement may change depending on the circumstances. For instance, the three general types of probate in Colorado include:
Most estates in Colorado are administered in 6 to 12 months. 3. Formal Probate: A supervised administration, or formal probate, is needed when there is a dispute among the parties who have an interest in the estate. In cases like these, the Probate Court Judge will resolve disputes and issue orders which all parties must follow.
Small estates: In Colorado, if a decedent did not hold any real estate and their personal property is worth less than $64,000, they have what is called a “small estate,” which does not require probate proceedings.
If you’re ready to get started with the probate process after the passing of a loved one, please contact our experienced Arapahoe, Denver, and Douglas County probate attorneys at 720-647-5280 or schedule a complimentary 15-minute consultation to help determine your next best steps.
Overall, the purpose of probate is to determine whether a decedent has a will, ensure the will is complete and valid, notify relevant individuals, pay any creditors, file taxes, and distribute the decedent’s remaining estate in accordance with their wishes.
S. Blake Harris is the Managing Attorney at Blake Harris Law where he assists clients with Wills and Trusts, Asset Protection, and Probate. Blake has extensive knowledge and experience helping families plan for and manage the transfer of their assets. Blake has a degree in Finance from the University of Florida and a Juris Doctorate from the University of Florida College of Law, a top tier law school. While in law school, he worked in the investment banking industry in New York City.
Probate is a legal term that stipulates estates of deceased persons must go through the court and follow either the guidelines of the will or the laws of the state if there was no will. If you are involved in any way with a family member’s estate, you need to understand the laws of Colorado for probate.
Length of time for probate to be completed varies in Colorado. The minimum time for formal and informal probate is six months by law. However, it can take much longer for an estate to be ready for distribution, depending on the size, complexity and any issues that may arise.
A small estate is defined as one with a value of less than $50,000 and no real property included. A second option is an informal probate, which means the will isn’t contested. The estate must still go through probate, but the court has very little involvement.
Probate begins when a petition is filed with the court in the county where the deceased person resided. The court appoints a personal representative to handle the estate. They are supervised by the court but bear the responsibility of handling the various tasks.
Denver is the exception to this rule with a separate probate court and judge appointed. Probate Code in Colorado. Probate in Colorado is governed by the Colorado Revised Statutes Title 15, which deals with probate, trusts, and fiduciaries.
Probate is the legal process that is used to transfer title of assets from the decedent to his or her devisees (recipients named in the will) or heirs ( recipients named by law). All wills and intestate estates must be probated, but the degrees of court involvement and complexity range from simple and inexpensive ...
A formal probate may be required for several reasons, including when a will is contested, unclear, invalid, or when there are apparent or actual significant challenges (i.e., identifying heirs, property title disputes) in administration. The court may require that the personal representative get approval for every transaction or may allow ...
A personal representative’s specific duties included: 1. To act impartial in regards to all parties to the estate. 2.
Whether or not your devisees or heirs will have to go through probate to transfer title to your assets depends on how your assets were owned when you died. Depending on how your assets are owned, your estate may not have to go through the probate process because your will or the intestacy laws may not control the distribution of some or all ...
Interested parties include the named beneficiaries and any creditors to the estate. The notification sent to these interested parties should include details about where the probate case will take place and who the personal representative for the case is.
Whether an estate needs to pass through formal or informal probate in Colorado, the personal representative should file the will with the court in the county where the decedent resided. This will initiate the official legal process of verifying and administering the will.
Personal representatives administer wills and estates in Colorado. This role comes with several responsibilities. Understanding what those are and how to fulfill them is crucial to efficient estate administration. It’s also essential to avoid any allegations that fiduciary duties may have been breached.
This includes the debts to creditors and any estate taxes. With creditors, personal representatives will need to assess each claim to determine if it is valid. Those that are must be paid once all creditor claims have been received. For estate taxes, personal representatives will likely want to work with experts, like lawyers, who can help them navigate the complexities of the law and figure out the best ways to limit the potential estate tax liabilities.
Your final responsibility is to distribute the deceased’s remaining property, after all debts and taxes are paid, to the beneficiaries named in his will. Most states require that you get court approval first. You’ll probably have to file a final accounting, explaining everything you did on behalf of the estate, and provide receipts and bank records for the transactions. Once the debts are paid and the property is distributed, after your final accounting is filed, the court will likely close the case and you'll be relieved of your duties.
You can act as executor or administrator of a probate estate without an attorney in most cases. To be successful, you'll have to understand the local rules in your state and county, as well as the laws regarding the rights, duties and responsibilities of an estate administrator or executor.
If you start probate proceedings then discover that you’re in over your head, you can hire an attorney mid-process – it’s not too late. You should also consider hiring an accountant for the estate as well. You can’t ask courthouse staff for help.
Probate is more complex in some states than in others, and the estate itself might throw up some warning flags that you need professional legal help. Consider contacting an attorney if: The deceased didn’t leave a will. This is called an intestate estate and can involve more complex probate rules. The beneficiaries and heirs are bickering ...