The probate process in Colorado is a legal process that is used to identify and distribute a person's assets after they die. It involves several steps and can take several months to complete, depending on the complexity of the estate.
Step One - Appoint the Executor of the Estate
The first step in the probate process is for the executor of the estate (the person named in the decedent's will to manage the estate) or a relative of the decedent to file a petition with the probate court to open the probate process. If the decedent had a will, the court will appoint the executor named in the will to manage the estate. If the decedent did not have a will, the court will appoint an administrator to manage the estate.
Step Two - File a Petition and Notify Interested Parties.
The executor will then open up the probate process through probate court by filing a petition. After this has been completed, they must notify all interested parties, such as heirs and creditors, that the probate process has begun. This is done through a legal notice published in a newspaper and by mailing a notice to any known interested parties.
Step Three - Identify Assets and Appraise Estate
The next step in the probate process is for the executor or administrator to inventory and appraise all of the decedent's assets, including real estate, personal property, and financial accounts. This is necessary to determine the value of the estate and to ensure that all assets are accounted for.
Step Four - Payment of Debts
Once the assets of the estate have been identified and valued, the executor or administrator must pay any outstanding debts and taxes owed by the decedent, using the assets of the estate. This includes funeral expenses, credit card debts, and any taxes that may be owed to the state or federal government.
Step Five - Distribution of Assets
Once all debts and taxes have been paid, the remaining assets of the estate are distributed to the heirs or beneficiaries according to the terms of the will or state law. This process can be complex, particularly if there are disputes over the distribution of assets or if the decedent did not have a will. In such cases, the probate court may need to resolve the issue.
Extras
It is important to note that not all estates go through probate in Colorado, as some assets may pass directly to heirs or beneficiaries without the need for probate. Examples of assets that may pass outside of probate include jointly-owned property, assets with a beneficiary designation (such as a life insurance policy or retirement account), and small estates (those with a total value of less than $50,000).
In conclusion, the probate process in Colorado is a legal process that is used to identify and distribute a person's assets after they die. It involves several steps and can take several months to complete, depending on the complexity of the estate. It is important to understand the probate process if you are the executor or administrator of an estate, or if you are an heir or beneficiary of an estate. Ashton, Shane, or Chad are more than capable of helping you through the probate process so reach out!
If you need help navigating this process or need contacts such as probate attorneys to help streamline the process let us know, we are happy to get you the help you need! Email us at [email protected] or call us at (720)739-0691.