Probate
“Probate” is a generic term that means settling a deceased person's debts and distributing their estate. It involves a court proceeding and can take anywhere from weeks to years. A probate process is necessary to help distribute assets named in a will.
In Colorado, there are several steps to the Probate process. I have simplified the steps here for clarity:
Step 1: Locate Your Probate Court and File an Application
With the original copy of the decedent's Will, an application needs to be filed with the Colorado probate court located in the county in which the decedent resided. You can find locations and the documents required on the Colorado State Court website.
Step 2: Gather together the Assets and Debts
Once the case has been filed and accepted by the Court, the Court will issue the Letter of Testamentary appointing the Personal Representative ("PR"). This is the Executor of the estate. Their job is to gather together all of the assets of the Estate, determine creditors of the Estate, and determine who the beneficiaries will be.
Step 3: Distributing the Estate
At this stage, the PR will pay off any outstanding debts of the decedent. After expenses, claims, and fees have been paid or resolved, assets may be distributed to beneficiaries.
Have questions? See here or contact us today!
In Colorado, there are several steps to the Probate process. I have simplified the steps here for clarity:
Step 1: Locate Your Probate Court and File an Application
With the original copy of the decedent's Will, an application needs to be filed with the Colorado probate court located in the county in which the decedent resided. You can find locations and the documents required on the Colorado State Court website.
Step 2: Gather together the Assets and Debts
Once the case has been filed and accepted by the Court, the Court will issue the Letter of Testamentary appointing the Personal Representative ("PR"). This is the Executor of the estate. Their job is to gather together all of the assets of the Estate, determine creditors of the Estate, and determine who the beneficiaries will be.
Step 3: Distributing the Estate
At this stage, the PR will pay off any outstanding debts of the decedent. After expenses, claims, and fees have been paid or resolved, assets may be distributed to beneficiaries.
Have questions? See here or contact us today!
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]