Picking up from where we left off in Probate in Colorado: 6 Facts to Know (Pt. 1), below we will point out some more important facts that people should be aware of when it comes to probate in Colorado.
In Colorado, there is not currently an estate estate tax or inheritance tax; therefore, the federal estate tax statutes will only come into play for estates passing through probate in Colorado. What this specifically means is that:
Here it is important to point out that:
Whether or not a person has a will in place, that individual’s estate will almost always pass through probate in Colorado. There are ways for people to avoid having their estate go through probate, and making specific arrangement ahead of time with an experienced attorney can ensure that a person’s estate will not eventually have to be probated in the future.
For example, people who do not want to have their estate go through probate in Colorado (or to have the loved ones have to deal with this potential stress and hassle) can set up living trusts or other types of trusts. It may also be possible to:
The bottom line with this fact about probate in Colorado is that people should make arrangements in advance for their assets and loved ones if they want to help their beneficiaries avoid probate in the future.
Be sure to check out the upcoming conclusion to this blog series.
Do you need help with any matter related to probate in Colorado? If so, you can turn to a Denver probate lawyer at Phillips & Blow, PC.
Each Denver probate lawyer at Phillips & Blow, PC provides a thoughtful, comprehensive approach to our clients’ estate planning, elder law and other legal needs. We take pride in helping each of our clients and their families find the best solutions for them.
While this means that we provide personalized attention at every step of the process, it also means that our clients can rely on our Denver probate attorney to always be competent, caring and professional while providing them with the highest quality of estate planning legal services at affordable rates.
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.