Our estate administration services include preparing appropriate documents and filing of the will and documents to begin the probate and administration of the estate.
The term "probate" refers to the proving of the existence of a valid will or determining and proving who the decedent's legal heirs are if there is no will. Probating an estate essentially means transferring title from the decedent to the beneficiaries or heirs. The beneficiaries may be designated in a will or, if the decedent did not have a will, according to the state's inheritance law. Probate is the legal process by which the decedent's outstanding debts and taxes are paid, a deadline for creditors to file claims is set, and the remainder of the estate is distributed to the decedent's beneficiaries and/or heirs.
Colorado's probate process is generally more flexible and less expensive than is the equivalent process in many other states. While "avoiding probate" to the degree possible is often a sensible goal, it should not be the primary goal for most people considering estate planning in Colorado.
FREQUENTLY ASKED QUESTIONS
How do I avoid probate? (I want to avoid probate, right? What is probate?)
Probate is the process of determining if a valid will exists, choosing the persons who will collect and administer the property, and then distributing a person’s property after death. Probate is not as complicated as many people think. There is a formal probate and informal probate. Formal probate (court supervised administration) occurs when there is a dispute among parties who have an interest in the estate. In such a situation, the court is involved to settle the dispute and attorneys are often engaged by the disputing parties. Informal probate is not supervised by the court and attorneys may or may not be involved. In Colorado, over 90% of probated estates are not court supervised.
What happens after I die? What does the personal representative do?
After you die, your personal representative (executor) manages your property and carries out your wishes in your will. Your personal representative is named in your will. If you do not have a will, a court will appoint a personal representative to handle your estate. Generally, a personal representative handles your estate without court involvement.
How long does probate take?
Probate can take as little as 6 months (for a simple estate), and as long as several years. In Colorado, most estates are administered in 7 to 12 months.
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