Centennial Probate Attorney

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Centennial Probate Lawyer

Probate is the legal process of distributing a deceased person’s estate to the proper beneficiaries. Although not all estate planning requires probate, it is important to know the legal requirements that cover your estate. Since probate is a complicated process, augmented by the grief families experience losing a loved one, hiring a Centennial probate attorney can help ease any stress and make the process smoother.

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What Are the Steps of the Probate Process?

Administering a probate estate consists of several steps that are straightforward but can be complicated for someone without a legal frame of reference. It is a detailed process that ensures the deceased person’s wishes are fulfilled in totality. As a personal representative or representative of the estate, it is important to know these steps and consult with a Centennial estate planning lawyer to ensure your duties are fulfilled correctly.

Step 1: Drafting the will. This step technically comes before the process begins, but it is essential as the will may name the personal representative and determine who receives the assets. If there is no will, the court will select an administrator to fulfill the duties, usually the next of kin. Without a will, the estate is considered intestate and must adhere to intestacy laws.

It is important to note that the court may or may not appoint the personal representative named in the will. In any case, the personal representative does not have any authority until they are formally appointed by the court.

Step 2: Notifying the families and the court. Once the deceased passes on, the personal representative should notify the beneficiaries and the court of their appointment as personal representative.

Step 3: Open an estate bank account. The personal representative must acquire a tax identification number for the estate and open an estate bank account.

Step 4: Notify creditors. Creditors must be notified of the creditor claim period to obtain any money owed.

Step 5: Inventory. In this step, the personal representative takes inventory of the decedent’s probate assets.

Step 6: Taxes. File all taxes on the decedent’s estate, both federal and state.

Step 7: Pay Expenses. Pay all expenses on the deceased person’s estate, including burial expenses and any fees.

Step 8: Pay Creditor Claims. Once the creditor claim period expires, the personal representative must negotiate and pay any creditor claim amounts.

Step 9: Close the estate. This is the final step. Once all taxes, expenses, and credits are paid, the personal representative distributes the estate and closes it.

Is Probate Necessary for Us?

For any estate, there are probate assets and non-probate assets. Probate assets go through probate, and non-probate assets do not. In Colorado, there is an estate value threshold that determines whether or not an estate goes through probate. Additionally, if a decedent passed in 2022, and their assets are valued under $74,000, and they didn’t own any real property, the estate does not have to go through probate.

Non-Probate Assets

Assets that are designated to pass to the beneficiary upon a decedent’s passing or those that are titled in a trust do not have to go through probate. Other examples of assets that do not go through probate in Colorado are as follows:

  • Life insurance and proceeds, IRAs, and 401Ks
  • Assets or accounts with transfer or payable on death designations
  • Assets with joint tenancy

If you have questions about whether your loved one’s assets are probate or non-probate assets, your lawyer can help you determine this.

Why Should I Hire a Lawyer?

Aside from determining if your loved one’s estate must go through probate, a lawyer can help you in significant ways. Firstly, the probate process can be tense, especially if there are any objections to the will or to the named personal representative. A caring and competent lawyer can mediate the situation, ease any tension, and focus on the legal aspects of the process.

A lawyer is also helpful for guiding the personal representative through the entire process. As this process may be new to the representative, they may have many questions that stall the process if left unanswered.

FAQs

Do You Need a Lawyer for Probate in Colorado?

No, you technically do not need a lawyer for probate in Colorado, but a lawyer can be invaluable for ensuring the personal representative’s fiduciary and legal duties are adhered to. The probate process can be complicated, emotional, and difficult, so hiring a lawyer is wise to ensure it flows smoothly.

What Are the Three Types of Probate in Colorado?

There are three types of probates in Colorado: small estates, contested, and uncontested estates. Small estates do not have to go through probate and only require completing an affidavit. Contested estates are estates with unclear or questionable wills that require a court hearing. Uncontested estates are more informal and have a valid and straightforward will.

How Long Does Probate Take in Colorado?

The probate process consists of three main steps: the personal representative gathers the assets, pays debts and final expenses, and then distributes the remaining assets. The amount of time this process takes depends on how complex the estate is. If the decedent has a lot of assets, real property, owes a significant amount of taxes and has many unpaid debts, for instance, it can take quite a while.

How Much Does an Estate Have to Be Worth to Go to Probate in Colorado?

In Colorado, the estate must be worth at least $82,000 with real property in order to go to probate. If it is under this amount, it is considered a small estate, and the heirs may collect assets by only using an affidavit. Larger estates must be opened through the court and require a personal representative for distribution.

Hire Burr Law Today

All families deserve the freedom to grieve their loved one without having to deal with a difficult and complex probate process. At Burr Law, we have experience guiding families and personal representatives through the probate process with knowledge, compassion, and legal competence. If you are burdened with the probate process after burying your loved one, don’t hesitate to contact us today for a con

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