Trusted Guidance For Probate And Estate Administration

Estate and probate administration issues can make an already grievous situation even more overwhelming. While coping with the loss of a loved one, you may be in charge of, or have a vested interest in, how their estate is handled upon their death.

Since 1970, individuals and families in Centennial have sought the legal guidance of Albert V. Evans, Attorneys at Law, for all matters of estate planning and probate administration. In addition to guiding personal representatives through the probate process, I, Albert V. Evans, represent heirs, beneficiaries, and personal representatives in will contests and other probate litigation matters.

Do you have questions about the probate process or need assistance settling a loved one’s estate? I am here to help in whatever capacity you need. Call my office at 303-495-0080 to arrange a confidential consultation today.

Understanding Colorado’s Probate Process

In Colorado, the probate begins when someone files a petition in the county where the deceased resided. Then, a person representative is typically responsible for gathering assets, handling debts and distributing assets according to the will. If a decedent does not have a will, their assets get distributed based on state law. There are two common processes for how people handle probate in Colorado, which include:

Informal probate: Informal probate is a simplified process for uncontested estates where a personal representative is appointed without court hearings. Informal probate is typically appropriate when there are no disputes regarding the will or estate distribution. This process is typically faster and less expensive.
Formal probate: Formal probate typically involves court supervision and is necessary when there are disputes over the will, the estate or the heirs. Formal probate may also be necessary if the will is unclear or if there are complex assets. The process typically involves more court involvement and hearings.

Both processes can vary in duration and complexity based on the estate’s size and any disputes among beneficiaries.

Small Estate Procedures In Colorado

In Colorado, the small estate affidavit process allows heirs to bypass formal probate for estates valued at $80,000 or less and without real estate. This process typically involves:

Determining eligibility: The estate must not exceed the value threshold and should not include any real property.
Using an affidavit: A heir can use a small estate affidavit ten days after the decedent’s death to collect the deceased’s assets. The affidavit must state that the estate qualifies as a small estate and that the person claiming the assets is entitled to them.
Distributing the assets: The person using the affidavit is responsible for distributing the assets according to the will or state intestacy laws if no will exists.

This small estate affidavit process can be much quicker and less costly than formal probate. This can make it ideal for small estates that meet the specific criteria set.

How Long Does It Take For An Estate To Pass Through Probate?

The probate process is simplified in Colorado. With a will, it usually takes about 30 to 60 days to name a personal representative (or executor) for the estate. The average estate can be distributed and closed in six months to a year. Without a will, it can take a little longer, where a notice of a hearing must be given.

What Assets Pass Through Probate?

Any real or personal property owned by the decedent at the time of their death will typically go through probate for distribution.

Do Estate Taxes Need To Be Paid Upon Death?

The IRS Federal Estate Tax basic exclusion amount for 2018 is $11,180,000. The Colorado estate tax is the maximum allowable exemption for federal estate taxes. If there are no taxes due to the IRS, because the estate does not exceed the exclusion amount, then there are no estate taxes due to Colorado. The basic exclusion may change from year to year.

“A tax in the amount of the federal credit is imposed on the transfer of the gross estate of every domiciliary.” § 39-23.5-103, C.R.S. If there is no federal credit because the estate does not exceed the basic exclusion amount, then there is no Colorado tax.

Do You Still Have Questions About Probate?

Depending on your circumstances and the size of the estate, the probate process can get very complicated. Get the help of an experienced Colorado probate lawyer today.

To schedule a confidential consultation, complete the online contact form or call 303-495-0080.