September 15, 2014 Posted In Creditors and Probate,Probate, Estate, & Trust Administration
While probate is generally known to be a time-consuming and complicated process, one of the particularly challenging aspects of this process can be dealing with creditors in probate when an estate may have various debts to resolve. This is because there is a specific process that has to be followed for handling creditors in probate, and this usually has to be done and resolved before any of the estate’s assets can be distributed to the appropriate heirs.
Given the importance and complexities of dealing with creditors in probate, in this blog series, we will answer some commonly asked questions about this process. Keep in mind that the responses provided herein are general; however, you can easily receive some professional advice specific to your situation by contacting the Denver probate attorneys at Phillips & Blow, PC.
A – First, you will have to take action to notify the creditors of the estate of the passing of the decedent. According to Colorado Probate Code, this specifically means publishing a notice of the death in a newspaper of “proper jurisdiction,” which would be the county in which the decedent lived or the county in which the probate case has been initiated.
Here are the general requirements for publishing this Notice to Creditors:
If these requirements have been met, then the estate going through probate may be able to be closed as soon as six (6) months after the Notice to Creditors was first published.
A – If an estate has debts but the estate representative does not publish the appropriate Notice to Creditors (according to the above-stated requirements), then the estate must legally remain open for at least one (1) year after the date of death.
Do you need help dealing creditors in probate? If so, you can count on the Denver probate lawyers at Phillips & Blow, PC. We provide a thoughtful, comprehensive approach to our clients’ probate needs, especially when it comes to dealing with creditors in probate.
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.
From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood, Centennial, Wheat Ridge, Golden and Arvada.