Probate & Trust Administration
Probate is the legal process used to transfer assets from the deceased person to the person's beneficiaries.
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Probate, also known as estate administration, is the legal process used to transfer assets from a deceased person to the person's beneficiaries. Although the Colorado probate process is relatively efficient, there is still a time-consuming list of tasks the personal representative performs from appointment through the close of the estate. This process of “administering” the estate can be complex and emotionally taxing. Elizabeth, and her paralegal, Kaitlyn, work together as a team to support personal representatives throughout each step of this process.
One of the first tasks is determining whether probate is necessary at all. A probate is not required at everyone’s death. If, at the time of your death, you have no more than $80,000 of assets (in 2023) in your individual name and no real property, you may avoid probate.
Additionally, not every asset owned by a decedent is a probate asset. Any asset that has a designated beneficiary such as an IRA, 401(k), or life insurance policy passes outside of the probate process and according to the beneficiary designation. Assets that are jointly titled, assets titled in the name of a trust, and assets with a transfer on death designation also pass outside of the probate process. Updating and confirming beneficiary designations is an important part of the estate planning process.
Probate can be opened informally or formally. In either instance, there are several documents that need to be filed with the court. Once the initial documents have been filed with the court, the court will issue an order appointing the personal representative. Once the probate is open, the personal representative is responsible for administering the estate including providing notice to certain individuals, opening an estate account, providing notice to creditors, gathering assets and preparing an inventory of those assets, paying debts, taxes, and other expenses of administration, paying creditor claims, making distributions, and ultimately closing the estate.
A revocable trust is an alternative to a will and can be used as a tool to avoid the probate process. A revocable trust can only serve its purpose of avoiding probate if assets are appropriately titled in the trust at the time of death. At your death, the trustee is responsible for making distributions from the trust. Assets that are titled in the trust will be distributed according to the terms of the trust. Although a revocable trust provides an avenue for avoiding probate, there is also a process associated with administering a trust.
A complimentary call discussing your needs, our process and fees, and talking through your preliminary questions.
An in-depth meeting either in our office or via video conference addressing all aspects of your estate plan, the probate process, or marital agreement.
In preparation for our initial meeting, we provide you with a questionnaire to complete or a checklist of information to gather.
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A complimentary call discussing your needs, our process and fees, and talking through your preliminary questions.
An in-depth meeting either in our office or via video conference answering your questions, providing a detailed overview of the probate process, and covering next steps.
In preparation for our initial meeting, we provide you with a checklist of information to gather to open probate.
We work quickly to get you appointed as personal representative. We have your initial probate documents prepared before our first meeting or shortly thereafter. We are a resource to you each step of the process from our initial meeting through the close of the estate.
Probate, also known as estate administration, is the court process by which assets of the person who has died are distributed. A Colorado court will appoint a personal representative (also known as an executor) to collect assets, pay debts and taxes, and distribute assets according to the will (or according to the laws of intestacy if you died without a will). The soonest probate can be completed is six months from the date a personal representative is appointed, but it is not uncommon for the process to take longer.
Under Colorado law, a personal representative is a fiduciary. A personal representative (also known as an executor) is a person appointed to administer a decedent's estate and has many duties, rights, and responsibilities. The first steps are finding the will and determining if probate is necessary. The personal representative also needs to notify beneficiaries named in the will or people entitled to inherit under the intestacy laws of the deceased person’s passing, collect and manage assets, pay debts and taxes, and distribute what is left to the people who inherit it.
Under Colorado law, a trustee is a fiduciary and held to a very high standard of care. Trustees are legally responsible for managing, preserving, and administering assets for the benefit of the named beneficiaries. Trustees are granted broad powers over assets held in trust. A trustee’s powers come from trust documents, as well as state and federal trust law. A trustee is accountable to the beneficiaries and is expected to act prudently and in the best interest of the beneficiaries at all times.
