Colorado Probate: Everything You Need to Know
Need assistance with Colorado probate? Duncan Legal, PC, has a knowledgeable attorney ready to help you navigate the complexities. Contact us today!
When Is Probate Required in Colorado?
Whether or not a decedent’s estate would go through probate depends on the type of assets that make up the estate.
Assets that are jointly owned or designed to pass to specific beneficiaries after the owner’s death can be distributed outside of the probate process. Such assets are called non-probate assets and may include the following:
Bank accounts for which the decedent made a payable on death election during their lifetime
Assets held in a joint tenancy with a right of survivorship, which allows the surviving owner to assume full ownership upon the death of the other owner
An asset that has been transferred to a trust.
All other assets that do not fit the bill are classified as probate assets, and they can only be administered and distributed through the probate process.
Sometimes, it could be difficult to distinguish between probate and non-probate assets. In such cases where the lines seem blurred, you can seek help from an experienced estate planning attorney in Centennial, Colorado. They can help you classify the assets under consideration and determine the next steps for your case.
ce or asset, it will be counted against the $2,000 limit.
The Social Security Administration and the state may ignore some exempt assets, such as a primary residence, one car, some types of personal property, and a few other items. Nearly everything else is taken into account while determining whether an individual’s countable assets exceed $2,000.
Determining and protecting the eligibility of your special needs child or family member for government benefits can be complicated. You may want to get estate planning help and guidance from an experienced attorney.
Is it Possible To Avoid Probate in Colorado?
If you’ve acquired a significant share of assets throughout your lifetime, your estate may not qualify for the small estate procedure when you die. But you can avoid probate by taking proactive steps to plan your estate for this purpose.
Aside from probate avoidance, estate planning offers many advantages and can help you minimize or avoid estate taxes and establish a clear line of succession. That way, there is no doubt among your beneficiaries about who gets what.
When it comes to probate avoidance, the most popular estate planning strategy is converting all or most of your probate assets to non-probate assets. There are several mechanisms to achieve this, including creating a living trust. But the right mechanism would depend on your unique circumstances and goals.
An Estate Planning Attorney in Centennial can assess those goals and help determine the strategy that would offer you the most rewards.
Contact Duncan Legal, P.C., To Learn More About Colorado Probate
Probate court proceedings can be long, costly, and difficult to navigate, especially for people who have lost a loved one. But you don’t have to worry about that.
I can represent you throughout the process, especially if the probate is contested, so you don’t have to worry about the rules and requirements you may encounter.
If your goal is to spare your loved ones the hassle of going through probate and you’re unsure how to begin, I can help you get started.
With my estate planning experience, I can assess your case and help you determine an appropriate estate planning strategy that meets your needs. I can also help you prepare the relevant estate planning documents, such as trust instruments or powers of attorney, that could make your plans for your estate and beneficiaries legal and enforceable.
Send a message today, and let me help you organize your assets and secure the future of your loved ones.