The death of a loved one inevitably brings about a lot of emotions, but amidst the grief, practical matters like probate must also be attended to. To help make this tough time a little easier, attorney G. Deffenbaugh at Colorado Trusts and Taxes of Centennial, Colorado, can help shed some light on the concept of probate, including why it is used, when it is necessary, and how to navigate it.
What is probate?
Probate is best described as a legal procedure that begins after the death of an individual. Probate law validates the decedent’s will, settles liabilities and taxes, and is used to help in distributing the remaining assets to heirs or beneficiaries. Probate proceedings can differ greatly, influenced by state laws and the presence of a valid will.
What is the role and function of probate and probate law?
Probate law is designed to direct the handling of estates following a death. Each individual state comes with its unique probate rules, making it critical for those navigating probate and dealing with an estate to fully understand any relevant laws. Probate law’s main goal is ultimately to uphold the deceased’s wishes while safeguarding creditors’ and beneficiaries’ rights at the same time.
Why is probate necessary?
- Validity of the will. In the event of disputes regarding a will’s validity or whether it correctly represents the deceased’s intentions, probate offers a legal platform specifically to resolve these issues. This process could involve calling in witnesses to provide testimony describing events and circumstances around the will’s creation.
- Settling any debts and taxes. All pending debts and taxes should be paid off before assets can be distributed in full to heirs or beneficiaries. This includes funeral costs, medical dues, credit card debts, and any other monetary obligations left behind by the deceased. Probate ensures that these debts are settled from the estate prior to final distributions.
- Protecting beneficiaries. Probate acts as a defense for heirs and beneficiaries, ensuring assets are distributed in accordance with legal guidelines and state laws. This procedure helps in deterring fraud or mismanagement of one’s assets in what can often be a very tense period of time for those involved.
- Providing legal clarity. The standard probate procedure presents legal transparency concerning the proper division of assets and debt payments. By undergoing this more structured and controlled process, all of the involved parties gain a clear understanding of both their rights and duties in the estate.
What are some common alternatives to probate?
While probate laws play a role in estate management, there are other options available for consideration that can help to avoid many of the aspects of this particular legal process. A person would have to put such alternatives in place during life to avoid probate, and such planning should be done with guidance from an attorney. They may include:
- Living trusts
- Joint ownership
- Payable-on-death or transfer-on-death accounts
- Beneficiary designations for retirement accounts, life insurance, or annuities
Who can I reach out to in Centennial, Colorado, to find out more about probate and probate law?
Navigating the loss of a friend or family member is hard enough, so getting the help you need to better understand the probate process may be worth the investment. If you find yourself in a situation where you require an attorney to assist you with probate after the death of a loved one and you live in the area of Centennial, Colorado, G. Deffenbaugh can assist. Call Colorado Trusts and Taxes at (303) 542-7280 or complete this form to schedule a time to talk with him. You can also email him directly at g@cotruststaxes.com.