Managing a loved one’s affairs following their death is never easy. Not only are you dealing with the loss, you may also need to navigate the probate or trust administrative process, which can certainly feel overwhelming.
Probate is a process under which a court appoints an individual, known as a personal representative, to administer and distribute the estate. It only applies to assets titled solely in the name of the deceased. If the property is held in joint tenancy, or has a beneficiary designation such as an IRA or life insurance policy, that property will pass outside of probate, regardless of the terms of a will or trust. There is also a simplified process for probate estates under $70,000.
If the deceased has a will, the personal representative distributes the property in accordance with its terms. If there is no will, distributions are made in accordance with the Colorado Probate Code. In either case, a personal representative needs to be appointed by the court. Duties of the personal representative include: gathering estate assets, preparing an inventory, liquidating or retitling estate assets, notifying and paying creditors, preparing final tax returns, distributing assets to beneficiaries, filing accountings, and closing the estate. The entire process involves preparation and filing of several documents with the Court.
Although use of a trust may avoid probate, there are still many issues which need to be addressed in administering and distributing trust assets following the death of the deceased grantor.
Our attorneys have years of experience guiding families through this process of administering and distributing their loved ones’ estate. Let us relieve you from some of the worry and stress associated with probating the estate.
Fee for services on uncontested cases are typically charged on a fixed flat fee basis.
Guiding Families Through The Probate Process
For more information regarding probate, we invite you to call us at one of our offices to schedule an initial appointment with our lawyers: 303-500-5859 in Englewood or 303-720-7260 in Boulder County. Alternatively, you can contact our firm online. All communications are held in complete confidence.