The term probate may be confusing to some in Colorado, while others may have a very negative opinion of it. Probate is simply the process through which the deceased’s assets are gathered, creditors are paid and then what remains is passed on per the terms of the deceased’s will or through the laws of intestate succession in the absence of a will or trust. A personal representative will be assigned to administer the estate. This person may be named in the deceased’s will or be assigned by the court.
In Colorado, if the total value of the deceased’s assets amounts to $64,000 or less and the deceased did not own any real estate, then it is possible to skip the formal probate process and execute a statutorily authorized affidavit. However, if the deceased’s estate is worth more than $64,000 or if the deceased owned real estate, then the deceased’s estate must be probated.
Probate can be overwhelming to those who have never had to administer an estate before. There are many steps that must be completed in the probate process, and any mistakes could end up being very costly both in time and money. For this reason, Coloradans who have been appointed executors of an estate often seek professional guidance.
At our firm, our goal is to make estate administration as efficient and painless as possible. We aim to help our clients minimize the costs associated with probate. Working with the right lawyer could make the entire probate process run more smoothly. Our website may be a good source of information for those who want to learn more about probate in Colorado.