Probate in Colorado: FAQs (Pt. 2)

December 15, 2014 Posted In Creditors and Probate,Probate, Estate, & Trust Administration
by Colorado Estate Matters

Picking up from where Probate in Colorado: FAQs (Pt. 1) left off, we will continue to respond to some commonly asked questions about probate in Colorado.

Q – What should I expect in terms of the probate process?

The process associated with probate in Colorado can be more or less complicated, depending on whether formal probate is necessary.

A – For probate in Colorado, the process or proceeding you can expect to face will depend on whether an estate can be informally probated or whether it has to pass through formal probate. In general, the following are some of the aspects of the process of probate in Colorado (regardless of whether the proceedings are informal or formal):

• The personal representative will “step into the decedent’s shoes” (as the Colorado Bar Association puts it) to resolve any open or pending business affairs while distributing the assets of the estate.
• The court will have some role in overseeing the actions of the personal representative (in terms of the estate), with the specific role being more involved in formal probate in Colorado.
• Any creditors of the decedent will have to be paid (or their claims will have to be formally denied by the personal representative).
• Once all creditors and necessary estate taxes have been paid, the remaining estate assets will be distributed to the appropriate beneficiaries.
• The estate can be closed.

For more detailed information regarding what you can expect from probate in Colorado, contact Colorado Estate Matters, Ltd.

Q – How are personal representatives chosen for probate in Colorado?

A – Personal representatives (which were formerly referred to as executors) can be selected by:

• A decedent per the terms of a will – In these cases, the people who have been named as the personal representative can choose whether or not they want to step into this role; if they do decide to take on this responsibility, they can step down at any point in the future if they choose or need to.
• The court – When no personal representative has been chosen by a decedent (because there is no will) or when the named individual in a will turns down the role, then the court may ask if there is anyone else who wants to serve in this position and appoint someone to it.This can be problematic in the event that the appointed personal representative may be a distant relative or someone with whom the decedent had a falling out.  As these people may not be the best ones to appropriately carry out a decedent’s wishes.

For some more answers about probate in Colorado, do not miss the conclusion to this blog series that will be published soon!

Contact your Denver Probate Attorneys at Colorado Estate Matters, Ltd. about probate in Colorado today.

Are you getting ready to probate an estate in Colorado? If so, you can turn to the Denver probate lawyers at Colorado Estate Matters, Ltd. We provide a thoughtful, comprehensive approach to our clients’ probate and other legal needs, and we take pride in helping each of our clients and their families find the best solutions for them.

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We can discuss your estate planning needs and different options during our consultation. To schedule this meeting, call us at (303) 713-9147 or email us using the contact form at the top of this page.

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