When a family member, friend, or other loved one passes away, the process of dealing with the estate left behind can be difficult, emotional, and extremely complex. You may feel as though you are not honoring your loved one’s wishes due to your inability to understand the probate process. G. Deffenbaugh is a probate lawyer serving families in the area of Centennial, Colorado, and can work with you to simplify the process and ensure that probate is done as desired for those left behind. Let’s take a look at what probate is and assist in determining if your loved one’s estate needs to go through the probate process before money and possessions are divided as requested.
What is probate?
Probate is the legal process to transfer title of assets from a deceased loved one to the devisees (recipients named in a will) or the heirs (if no will exists, recipients determined by law).
This process involves several different steps which can be complicated for many. These include:
· Lodging a will (if one exists);
· Appointing a personal representative;
· Making an inventory of assets owned by the deceased;
· Paying off back taxes, debts, and other financial obligations; and
· Distributing the remaining assets as specified in the will (or if no will, recipients determined by law).
Do all estates have to go through probate in the state of Colorado?
This is a common question when managing the estate of a loved one. In the state of Colorado, not all estates need to go through probate. In fact, there are several factors to take into consideration that require evaluation to determine what needs to be done. These include:
· The size of the estate. Colorado law offers a more expedited process for estates of lower value with no real property. In situations such as this, an affidavit can be used for devisees or heirs to claim their inheritance.
· Joint tenancy ownership. If the ownership of an asset is joint tenancy with right of survivorship, there is no probate required for that asset. Examples of this situation may be joint real estate and bank accounts in which the surviving individual will automatically receive the deceased’s share of that asset.
· Beneficiary designations. Specific assets may be designated to beneficiaries to eliminate the need for the probate process for those assets. Common assets which can have a form of beneficiary designation include retirement accounts, life insurance policies, annuities, payable-on-death bank accounts, and transfer-on-death securities.
· Trusts. If a trust has been established and funded before the death of the individual, the trust assets will not require probate to have them distributed per the terms outlined in the trust agreement.
There are also situations in which probate is required, which may include:
· When an interested party has concerns regarding the circumstances around the execution of the will;
· Disputes between the devisees or heirs of the estate; and
· Significantly valuable estates where the assets were only owned in the deceased’s name with no beneficiary designations.
When faced with these issues, it is highly recommended that families connect with a probate lawyer to help guide them through the process. Even when probate is not required, Colorado law still requires the party in possession of the original will to file (lodge) that original will with the court.
Get the assistance you need in handling the deceased’s assets with a trusted legal professional
The process of assisting in the legal process of ensuring your loved one’s estate and wishes are granted as desired can be difficult for many family members to navigate. With the assistance of an experienced probate lawyer in the Centennial, Colorado area, such as G. Deffenbaugh of Colorado Trusts & Taxes, you can rest easy knowing a responsible and skilled professional can help in securing the future of those left behind after a death in the family. Call (303) 542-7280 or complete this form to schedule an initial consultation with G. Deffenbaugh. His office is conveniently located at 7173 South Havana Street, Suite 600-281.