The state of Colorado does have a probate process for the following situations:
- A deceased person does not have a will. This is also known as an intestate estate.
- A deceased person has a valid will and the estate is worth more than $70,000 for the year 2020 and includes substantial property or includes real property.
- A deceased person has a valid will but the document is being contested, is found to be invalid or the contents of the will are questionable. This circumstance requires a formal probate process that could become expensive and lengthy.
- A deceased person has a valid will and all parties connected to the will are in agreement with the contents. This may result in an informal probate process that is carried out by an appointed personal representative named in the will.
If the estate is worth less than $70,000 for the year 2020 and the Decedent does not own any real property, this may allow the estate to be disposed pursuant to the guidelines for small estates and a probate action may not be necessary.
Important: In Colorado, it is required that the deceased person’s will be filed with the courts where the person lived within 10 days of the person’s passing – regardless of the size or complexity of the estate. The probate process is enacted to transfer ownership of assets from the deceased person to others named in the will. If there is no will, the probate process distributes the estate to surviving relatives pursuant to the laws of intestacy.
For small estates, an Affidavit for Collection of Personal Property will need to be completed. A Colorado probate administration attorney can advise you regarding this process. Otherwise, the probate process is deemed formal or informal and the appropriate next steps are handled by a personal representative after the necessary documents are filed by the Court.
Probate situations in Colorado can be very quick or the process can become tied up for months or even years. The longer the probate, the greater the impact on the value of the estate. If you are faced with a probate situation and are unsure how to proceed, the Denver probate lawyers at Brown & Crona, LLC can help you understand your options and help the process move as quickly and smoothly as possible. To learn more, please contact us at (303) 339-3750 or send us a message online.