Dealing with the death of a loved one is hard. Grief overtakes the days as family and friends prepare for funeral arrangements and managing one’s estate. Many may feel overwhelmed by the legal process when there is no will or final arrangements pre-planned by the individual who has passed away. Fortunately, you have a skilled and experienced attorney on your side when you work with Colorado Trusts & Taxes. G. Deffenbaugh is a trusted probate lawyer who can help with complex legal matters regarding the finances and estate of a passing family member. His Centennial, Colorado office is here to guide you through the difficulty of making arrangements with or without a will, and he can talk to you about the three types of probate present in the state of Colorado. These include probate for small estates, informal probate (sometimes referred to as “uncontested probate”), and formal probate.
Small estates
With small estates, the law in Colorado allows you to claim your loved one’s estate if it is personal property valued at or less than $82,000 (amount for 2024, which is indexed to inflation). This means that if the assets of the deceased are equal to or less than $82,000 and there is no real property, then the estate can be settled without going through the traditional probate process. Instead, devisees and/or heirs can receive their inheritance through a simplified process by using a Collection of Personal Property by Affidavit. This type of probate is typically quicker and less expensive than the other two options, making it an attractive choice for those with smaller estates.
Informal probate (uncontested probate)
With an uncontested probate, there are no disputes regarding the estate or will of the deceased individual. This typically occurs when all of the devisees and/or heirs in the family are adults and are able to manage their affairs without much difficulty. To begin this type of probate, an application is submitted by a nominated personal representative, devisee, or heir to the Probate Registrar to await approval. After approval, the personal representative can administer the decedent’s estate and when appropriate, distribute the assets as set forth in the will without the need for further court involvement or supervision. This type of probate is fast and affordable, but if there are any disputes between the parties, a probate lawyer may be required to resolve them.
Formal probate
Formal probate is the type of probate used when there are potential or actual disputes regarding the will, division of assets amongst the devisees and/or heirs, or actions of the personal representative. In addition, this type of probate may even be recommended if one or more of the devisees and/or heirs are legally incapacitated or are minors to the distribution of assets. A probate judge will be involved and enter orders to address disputes between the parties. This type of probate can be expensive and time-consuming compared to other options.
Connect with Colorado Trusts & Taxes to learn more about the types of probate that can be managed with the help of G. Deffenbaugh!
If you are seeking a probate attorney in the area of Centennial, Colorado, G. Deffenbaugh welcomes you to contact him now to schedule a consultation. Not only does he handle wills and trusts after the death of a loved one, but he can also help you in planning your estate and asset division prior to help avoid disputes and miscommunications.