Probate after the death of a loved one can be time-consuming and difficult to navigate for those who are not familiar with the process. Fortunately, having an attorney on your side who understands contested and uncontested probate law in the Colorado area is critical to ensuring the simplification of the process from start to finish. G. Deffenbaugh is a Colorado lawyer who can help you during this challenging time and assist a family in better understanding what needs to happen following the loss of a family member. This includes knowledge regarding what assets are exempt from probate in the state of Colorado. Let’s take a closer look at uncontested probate law in Colorado.
What is “uncontested probate law?”
G. Deffenbaugh describes uncontested probate as a situation where no disputes occur over the validity of a person’s will or the distribution of their personal assets among the beneficiaries. When there are no disputes, the process can move forward quickly and easily without complications, delays, and legal battles. It allows the decedent’s wishes to be honored fully with little disruption in the process.
What is probate?
Probate is the legal process required for the distribution of assets of one’s estate after death. Some situations require assets to go through probate, while others do not. The following points determine whether a probate is required: the asset titling, whether there are designated beneficiaries, and the total amount of assets.
What assets are exempt from probate in the state of Colorado?
There are several varieties of assets that allow beneficiaries to bypass the court system entirely, reducing administrative burdens on the surviving family and friends and expediting the distribution. These include:
- Jointly-owned property with right of survivorship. When two or more individuals own property together, the assets are transferred automatically without the need for court involvement. The surviving party will need a certified death certificate.
- Trusts. If assets have been properly transferred into a trust, such assets are typically not subject to the probate process. The trust may be either a revocable living trust or an irrevocable trust.
- Beneficiary designations. Some financial accounts allow for individuals to designate specific beneficiaries to receive financial assets after their death. Some of these include life insurance policies, retirement accounts, annuities, payable-on-death accounts, and transfer-on-death securities.
- Small estate affidavit procedure. In addition to the above, the state of Colorado allows for a faster process known as a “small estates affidavit.” Estates that do not include Colorado real property and are valued under $82,000 (amount for 2024, which is indexed to inflation) do not require court pleadings so long as there are no disputes regarding such assets.
How can I find out more about the probate process in the state of Colorado?
Trying to navigate through the courts during the probate process can be stressful for many family members. If you have recently had a death in the family and are in need of a probate attorney to assist you through the process, G. Deffenbaugh invites you to call his office to schedule an initial consultation appointment regarding the needs of your family and the distribution of assets following one’s death. His practice is located at 7173 South Havana Street, Suite #600-281 in Centennial, Colorado, and can be reached by calling (303) 542-7280 or emailing him directly at g@cotruststaxes.com.