Probate: What to Know
Probate is the court process for handling someone’s affairs when they are not capable of doing so for themselves, whether due to death or incapacity. Proper estate planning can help avoid needing to involve the probate court, but if a loved one did not have the proper documents in place, a probate case may need to be opened.
If the deceased left a will, it will outline who is named as the Personal Representative (sometimes called an executor) of the estate. The Personal Representative will need to file the will, along with numerous required legal documents, to open the probate case and be appointed by the court to handle the estate. If the deceased did not leave a will, an individual can still petition the court to be appointed as Personal Representative, which can be a complicated decision and process.
Once appointed, the Personal Representative is in charge of handling the estate – dealing with creditors of the estate, managing the deceased’s financial assets, selling real estate owned by the estate, disposing of personal property and vehicles, distributing the estate assets to the deceased’s legal heirs and beneficiaries named in the will, and more.
The probate process is public, it can be costly, and it can take months or even years to complete.
Wills & Wellness Estate Planning can help determine whether a probate case needs to be opened and can help navigate that part of the process if it is determined a probate is required.
There are certain situations and asset types that will not have to go through probate:
Assets Held in Trust
Any assets held in trust or funded to a trust through a beneficiary designation will be distributed according to the terms of the trust without having to go through the probate court.
Assets with Designated Beneficiaries
Life insurance policies, retirement accounts, or other financial assets with a named beneficiary will bypass the probate court and the funds will be distributed to the beneficiary.
Assets that are Jointly Titled
An asset that is owned jointly with right of survivorship with another individual will automatically pass to that joint owner upon the passing of another joint owner.
Small Estates
In Colorado, if the value of an estate is under a certain dollar amount, a full probate case may not be required. The deceased’s loved ones can instead use a court-approved affidavit to collect and distribute the deceased’s assets.
We're Here for You
We understand that the passing of a loved is a complicated part of life – both in dealing with the emotions and grief and also having to coordinate and think about the logistical pieces.
We are here to help you navigate those logistical pieces so you can focus on the more important parts of the circumstance of losing a loved one.
Learn More About Our Probate & Trust Administration Services
If you would like to learn more about our probate services, please fill out the form below and we will be in touch with you shortly.