Probating an estate is sometimes necessary, but other times it is not. This is most likely a stressing and trying time for family members and loved ones. Therefore, it is usually best to have the advice of an attorney during the process. Even if we can just give you some general information about probate, this may help ease the burden. At Peter Loyd Weber & Associates, we are here to help you. We are experienced in probate administration and would be happy to consult with you on your issue, or even administer the estate for you. Please give us a call today at 720-863-7755 to understand the process and requirements of the probate process.
FAQ’s About Probate in Colorado
What does probate mean?
Probate is typically defined by the process of: collecting a deceased individual’s assets, paying any debts, and distributing the deceased individual’s property (whether through a will or by intestacy laws). Sometimes the court is really involved, for example if the will is contested, or sometimes there are merely forms that need to be filled out. In Colorado, there are three types of probate: small estates, uncontested estates, and contested and/or invalid or questionable wills. With uncontested estates, the procedure to probate the estate is quite informal. However, if there is a questionable, invalid, or contested will, the probate process is acutely overseen by the courts.
Do we have to go through the probate process?
You will probably have to go through the probate process. You will have to go through the process if: the individual owned real property, their total assets are worth over $50,000, they had a will, or there is a discrepancy about the will. You may not have to go through the process if the individual did not own any real estate and/or if their total assets are worth under $50,000.
What are the benefits of going through probate?
One major benefit of probating an estate has to do with the debts an individual may have owed. You may be able to shorten the time period for which a creditor must make a claim against the estate. You should call Peter Loyd Weber & Associates at 720-863-7755 to learn how to take advantage of these rights.
Is there any way to avoid probate?
Once an individual has died, probate may not necessarily be avoided. However, there may be a way to avoid probate, but that takes proactive legal estate planning. Some legal ways to avoid the probate process are: making all property a “joint tenancy,” designating beneficiaries for bank accounts, insurance payouts, and possibly creating a revocable living trust. At Peter Loyd Weber & Associates, we are able to advise you as to your potential choices of probating an estate, or avoiding probate altogether.
Why should I have a lawyer help me in the probate process?
Sometimes probating an estate is easy, but the legal steps to complete it may be overwhelming to someone without any knowledge of the process. In this sort of situation, we can offer a short consultation rather than full representation to guide you in the steps you need to take to probate the estate. However, there are other times where probating an estate is going to be complicated and full representation may be necessary. Some legal issues to consider about the reason you may need a probate lawyer are: dealing with creditors, potential litigation about the terms of the will, tax implications of probating the estate, and your valuable time trying to figure it out yourself. You should also consider the implications of being an administrator and opening yourself up to potential litigation. At Peter Loyd Weber & Associates, we can help you consider all issues and implications of each choice in the process.