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Probate is a legal process in which a deceased person’s estate is distributed to beneficiaries or heirs and creditors are dealt with.
If your loved one had a valid last will and testament, the property of the estate will be distributed according to their wishes outlined in the will. If the decedent died intestate (with no will) the property is distributed to heirs set by state law.
An experienced probate lawyer at Colorado Estate Matters, Ltd. is ready to provide you with compassionate and knowledgeable advice to guide you through the probate process.
Call us at (303) 713-9147 or fill out our online contact form to schedule your free, no-obligation consultation.
Most Colorado probate court proceedings are informal, meaning heirs and beneficiaries are in agreement and there are no creditor problems to resolve.
To begin, you’ll file an application to serve as a personal representative of the estate with the probate court. When your application is approved by the court, you receive a document known as letters granting you legal authority to act for the estate.
There are a series of actions the personal representative must take and documents that must be filed with the court before any property can be distributed, the debts and taxes can be paid, and the probate closed with a final accounting and closing statement.
Formal probate is necessary when there are issues with the will, a dispute among the heirs, significant creditor issues, etc.
Probate is required whenever someone dies with assets greater than the small estate threshold (or any amount of real estate) that did not pass automatically to beneficiaries (such as those held in living trusts, joint tenancy, beneficiary designation, payable on death and transfer on death).
Our Denver probate lawyers are experienced in both estate and intestate probate, as well as administering estates held wholly or partially in living trusts. We practice in all counties in the south Denver metro area and elsewhere in Colorado.
Not all assets have to go through the probate process. Some transfer automatically upon the death of the owner. Examples include:
When a property is held in joint tenancy, such as a home belonging to a husband and wife, when one joint tenant dies, the surviving joint tenant becomes the sole owner of the asset. This is known as the right of survivorship.
Life insurance policies and retirement accounts have named beneficiaries. When the policyholder or account owner dies, the beneficiaries are entitled to the proceeds of the life insurance policy or the assets in the retirement account. There is no need to go through probate.
Probate can be a costly, complicated and stressful process. However, if you’re asking yourself how to avoid probate, it may be possible with some effective planning ahead of time, avoiding probate – and the emotional and financial stresses that can come with it – may be possible.
While the best course of action to help your loved ones avoid probate in the future will depend on your assets and your wishes, some of the tools you can use avoid probate can include (but are not limited to):
Nearly any asset you own can be transferred to a living trust, which will hold the assets and oversee them according to the terms of the trust (which you will set).
For instance, if you want to avoid probate for real estate, bank accounts or other assets you may own, creating a living trust for these assets can be an effective way to avoid probate for them in the future.
You have a lot of options when it comes to creating a trust to avoid probate, and different types of trusts can have their own advantages and drawbacks. Therefore, it’s best to contact us to find out which type of living trust would be most appropriate for your assets, needs, and wishes.
When spouses or partners jointly own an asset like, for instance, a home, they can avoid probate for this asset in the future by making sure that there is a “right of survivorship” in place for this asset. Rights of survivorship effectively transfer an asset to the surviving joint owner when the other owner has passed away.
Some assets like bank accounts or stocks may have “payable-on-death” (POD) or “transfer-on-death” (TOD) designations that can also help your surviving loved ones avoid probate.
In effect, POD and TOD designations will allow you to name a beneficiary (or multiple beneficiaries) for certain accounts, and these assets will be directly transferred to the named beneficiaries in the event that you pass away. No probate will be necessary for such assets.
There may be a number of other tools and strategies that people can take advantage of when they are trying to put plans in place to help their loved ones on how to avoid probate in the future.
Therefore, don’t hesitate to contact the Denver probate lawyers at Colorado Estate Matters, Ltd. to discuss which estate planning solutions may be your best options for avoiding probate.
Our probate lawyers bring to the estate and probate process not only significant experience and competence but also compassion and counseling to help families through this difficult period.
From simple situations to complex technical issues, and from good family relations to bitter squabbles, we have guided many families through the legal minefield as well as the difficult personal relationship issues that may arise during the probate litigation process.
We can represent the estate and the personal representative, or a beneficiary, to make sure that the estate is being handled appropriately.
Our estate planning lawyers in Denver have more than 20 years of experience handling all matters of estate law for our clients.
We provide open, transparent communication to our clients and any beneficiaries for a probate case. Call Colorado Estate Matters, Ltd. at (303) 713-9147. You can also fill out our online contact form to schedule your no-cost, no-obligation consultation.
Wonderful and helpful staff. Very happy with the service. Will highly recommend Justin Blow and staff. Victor and Barbara DeLauro
-Barbara D.