Colorado Probate Attorneys | Lafayette, CO - Heritage Law Solutions

Understanding The Colorado Probate Process

The probate process is one that very few people spend time thinking about until they find themselves in a position where they have to figure out how to deal with the estate of a loved one. For many, their first-time involvement with the probate system highlights the turmoil that can be left behind without proper planning. Most opt to consult one of the Colorado probate attorneys in Lafayette, CO, for sound advice in navigating this area of the law.

Probate is the term for the legal process used to ensure a deceased person’s assets go to the correct people (either according to the terms of a will or Colorado intestacy laws). Please be aware that if you do not have a will, then state defaults decide everything.

Who Is Responsible For The Administration?

In most cases, a will answers this question by listing a named Personal Representative (PR). For cases where the loved one left no will (intestate estates), the court will appoint someone. Colorado probate attorneys can be of help during this phase as the person oversees the process.

How Is The Estate Opened?

Opening the estate is done by filing the paperwork with the court. The probate court then issues formal appointment papers to the Personal Representative, who documents what makes up the estate, including interests in property, cash, and the more typical investment accounts and insurance policies. The PR needs to properly collect and account for estate assets quickly, as the court needs an inventory of the estate within 90 days of appointment. The PR may seek out advice from Colorado probate attorneys.

Existing Debts Or Claims To Settle

Many of the outstanding bills do come by email or mail, but publishing a notice in the newspaper is another way to provide all creditors' notice. The Personal Representative can also provide notice of death to creditors by mail, and negotiations with creditors may reduce what is paid to settle accounts.

What Is The Last Step?

Colorado probate attorneys will tell you that after paying creditors, the administration expenses need to be deducted, and then a distribution of the remaining assets can occur. Filing a Final Accounting with the court (and providing it to interested parties) completes the process.