Probate Questions
What is not included in the probate estate?
Any asset that has a named beneficiary—like a life insurance policy, a retirement account (like an IRA or 401(k)), or an asset held in trust—pass on outside of the probate process. Beneficiaries are usually named in these types of accounts when you first sign up for them, and may be altered at any time.
Naming a beneficiary through such accounts means that these assets are passed on by contract rather than through a will. They therefore bypass probate and, in most cases, the court and the executors of the estate do not control how they are handled. This is also an important distinction for decedents who received Medicaid benefits during their lifetime, since Medicaid can only recover debts against assets in a decedent’s probate estate.
What is included in the probate estate?
Assets that do not have named beneficiaries or other contractual distribution instructions are part of the decedent’s probate estate. These assets will pass in accordance with a will or if there is no will, in accordance with Colorado law.
Does Probate have to include Hearings, Evidence, and Witnesses?
In Colorado, there are two types of Probate cases: Informal, and Formal.
Informal probate is a process where the court is more "hands off". It is used in the majority of probate cases, and where the beneficiaries of the estate are primarily in agreement. The court is still available to step in if needed, but the Personal Representative will be responsible for moving the case forward to the completion.
Formal probate is what most people think of when they hear the term "probate". This can involve a lot of time, effort, and money in going to court with hearing, presenting evidence, and calling of witnesses. This is primarily used when there is a lot of fighting or disagreement among the beneficiaries regarding the Will or the process of distribution.
Any asset that has a named beneficiary—like a life insurance policy, a retirement account (like an IRA or 401(k)), or an asset held in trust—pass on outside of the probate process. Beneficiaries are usually named in these types of accounts when you first sign up for them, and may be altered at any time.
Naming a beneficiary through such accounts means that these assets are passed on by contract rather than through a will. They therefore bypass probate and, in most cases, the court and the executors of the estate do not control how they are handled. This is also an important distinction for decedents who received Medicaid benefits during their lifetime, since Medicaid can only recover debts against assets in a decedent’s probate estate.
What is included in the probate estate?
Assets that do not have named beneficiaries or other contractual distribution instructions are part of the decedent’s probate estate. These assets will pass in accordance with a will or if there is no will, in accordance with Colorado law.
Does Probate have to include Hearings, Evidence, and Witnesses?
In Colorado, there are two types of Probate cases: Informal, and Formal.
Informal probate is a process where the court is more "hands off". It is used in the majority of probate cases, and where the beneficiaries of the estate are primarily in agreement. The court is still available to step in if needed, but the Personal Representative will be responsible for moving the case forward to the completion.
Formal probate is what most people think of when they hear the term "probate". This can involve a lot of time, effort, and money in going to court with hearing, presenting evidence, and calling of witnesses. This is primarily used when there is a lot of fighting or disagreement among the beneficiaries regarding the Will or the process of distribution.
Material presented on the Pearson Law Office, LLC website is intended for informational purposes only. It is not intended as professional advice and should not be construed as such.
Pearson Law Office, LLC., 5720 W. 120th Ave., Suite 3, Broomfield, CO 80020
phone: 720-514-9529 fax: 720-523-0725 email: [email protected]
Pearson Law Office, LLC., 5720 W. 120th Ave., Suite 3, Broomfield, CO 80020
phone: 720-514-9529 fax: 720-523-0725 email: [email protected]