Probate Lawyer in Colorado Springs
At Peakstone Law Group, LLC, we understand that the Colorado probate process can be complex. This is why our probate and estate administration lawyers help professional fiduciaries who are serving as personal representatives (called an executor in other states), family members who serve as personal representatives for a Colorado estate, and beneficiaries who are concerned the personal representative is not properly administering their loved one’s probate estate. We believe your legal rights are important and should be fiercely protected.
We know that dealing with a family member’s death can be difficult, so we strive to take some of the burden off your shoulders by providing professional legal assistance with all aspects of the probate process. If you have been appointed as a personal representative or have questions about Colorado probate law, do not hesitate to contact Peakstone Law Group, LLC. You can discuss your concerns with one of our knowledgeable probate attorneys in Colorado Springs during a free consultation.
What Is Probate?
Probate is the legal process of settling a person’s financial affairs after their death. The decedent’s assets are inventoried, final debts are paid, and the remaining property is distributed to the rightful heirs or beneficiaries. If there is a written will, the court first authenticates it. The personal representative who is named in the will ensures that the instructions in the will are carried out. If there is no will, Colorado’s default rules of intestacy are followed. That is why you need an experienced attorney by your side to help you file your probate.
What Is the Colorado Probate Process?
The Colorado probate process involves many intricate steps and rules. This process often involves:
- Gathering and protecting the decedent’s assets
- Creating an inventory of the decedent’s assets
- Paying the expenses of the decedent’s last illness and burial
- Notifying creditors and heirs of the decedent’s death and the personal representative’s appointment
- Paying valid creditor claims
- Filing the estate’s tax return
- Distributing the remaining assets to the beneficiaries or heirs
- Closing the probate estate
Our Colorado Springs probate lawyers can assist you with these tasks and ensure that you uphold all of the duties the law requires of you.
What Is a Personal Representative and Their Role?
Colorado wills generally nominate a personal representative (executor) who is responsible for acting on the estate’s behalf. This person is the general point of contact for the probate case. They wrap up the decedent’s financial affairs, pay claims from the estate’s assets, and distribute the remaining assets to the heirs or beneficiaries.
Depending on the type of probate case, the personal representative may be supervised by the court or might conduct the administration without court supervision. In any case, the personal representative is considered a fiduciary who must act in the estate’s best interests. The probate and administration lawyers at Peakstone Law Group, LLC can guide personal representatives through their obligations.
Out of State Probate Representation
In some cases, the personal representative or beneficiary who needs legal representation lives outside Colorado. Our probate law firm can provide the legal assistance you need to help navigate the process and protect your legal rights. Our goal is to administer the estate in the most cost-efficient manner possible and help our out-of-state clients avoid having to travel to Colorado if they don’t want to.
Probate and Estate Administration FAQs
Here are some of the most frequently asked questions we receive about the Colorado probate process:
What assets go through probate?
Only probate assets go through probate. Probate assets are the assets that a person owns at the time of their death that are not immediately transferred at the time of their death.
For example, the following assets may not be probate assets:
- Real estate that was owned as tenants by the entirety or tenants with rights of joint survivorship
- Real estate transferred via a transfer-on-death deed
- A vehicle transferred via a beneficiary title
- Other assets you own in joint tenancy with rights of survivorship
- Assets that have a transfer-on-death or payable-on-death designation, such as checking accounts, stocks, or bonds
- Assets that name a beneficiary other than the estate, such as life insurance proceeds or a retirement account
- Assets transferred to a trust
What is a probate lawyer?
A probate lawyer is someone who assists parties involved in the probate process. They are knowledgeable about Colorado probate laws and rules. An estate administration lawyer can assist you in your duties as a personal representative. If a conflict arises, a probate lawyer can also determine if litigation is appropriate.
Does every estate need to go through probate?
No. Many estates are administered without court supervision. Colorado has a special procedure for small estates (those with no real property and assets valued under $68,000, adjusted for inflation). Through this procedure, a personal representative or heir can prepare an Affidavit of Collection of Personal Property and present it to a financial institution or individual who has the decedent’s assets. That person can then distribute the assets to those entitled to them by law. This process does not involve any court involvement.
Many probate cases in Colorado can be completed informally with little court supervision. However, there are times when an estate may need to go through probate.
Examples of probate litigation include:
- An heir or beneficiary alleges the will is not valid
- Litigation is likely in the probate case
- A beneficiary alleges the personal representative (executor) is not appropriately handling the estate
It is not always apparent whether probate will be necessary for a particular estate. A probate lawyer with skill in administering estates can review your situation and explain the appropriate process in your case.
Who is the personal representative (executor) of the will?
Generally, the personal representative is the person nominated in the will. If the decedent passed away without a will, Colorado law gives priority to certain individuals, starting with a surviving spouse who stands to inherit. However, another interested person can challenge the appointment of a personal representative with the court for good cause.
What if someone dies without a will in Colorado?
If someone dies without a will in Colorado, they have died “intestate.” The Colorado Legislature has specific laws that dictate how the decedent’s assets will be distributed. Priority is given to family members of a closer degree of relationship, such as a surviving spouse or children of the decedent. Because many people would not want the state to use such default rules to distribute their life’s work after they pass, it is advisable to hire an attorney to help with an estate plan that will help you control what happens to your estate after you pass.
Probate FAQs
Probate
Contact a Knowledgeable Colorado Springs Probate and Estate Administration Lawyer for Help Today
Probate is a complicated legal process that can have far-reaching consequences. What makes it even more challenging is that you are dealing with grief at the same time. You should not have to go through this difficult process alone. The probate lawyers at Peakstone Law Group, LLC are here to help. Contact us for a free consultation to find out how we can help you administer your loved one’s estate.