Greeley Probate Attorneys
When a loved one passes away, settling their affairs can involve various tasks. While some may be simple and straightforward, others can be more intricate and may necessitate court authorization.
If you have been named to administer a loved one’s estate, it is crucial to do so correctly to avoid conflicts among family members, delays in distributing assets to beneficiaries, and the potential legal consequences of breaching the fiduciary duty you are given under the circumstances.
At Peek Goldstone, LLC, we understand the complexities involved and are here to provide you with expert guidance every step of the way. If you are the executor or personal representative of someone’s estate, an heir or beneficiary to a probate matter, or an interested third party who needs legal help, you can rely on the knowledge and skills of our probate lawyers.
Need help with a probate matter or dispute? Consult with a Greeley probate lawyer by contacting us online or at (970) 442-5281.
What Is Probate?
Probate is the legal process that occurs after someone's passing to settle their estate. It involves validating the deceased person's will (if one exists) and distributing their assets and property as outlined in the will or according to state laws if there is no will in place.
Probate serves several vital purposes. It ensures that the deceased person's wishes, as outlined in their will, are respected and executed accordingly. The process also protects the rights of rightful heirs and beneficiaries, ensuring that assets are distributed fairly. In cases where conflicts or disputes arise, probate provides a formal legal framework for resolving such issues.
Probate matters can be initiated with or without a will and are typically used to designate a personal representative for the estate. In Colorado, this individual is commonly referred to as the executor. The personal representative is granted the authority to handle estate affairs and is responsible for acting in the beneficiaries best interests.
If you have been designated as the personal representative, it is essential to take your responsibility seriously. You must understand your role and the steps that must be taken. Failing to adhere to state law and your fiduciary duty can lead to being the subject of legal action.
Types of Probate
In Colorado, there are two primary types of probate:
- Informal Probate: This is the most common type of probate, used when no significant disputes or complexities are involved. It follows a simplified process and is generally faster and less expensive.
- Formal Probate: Formal probate is required when there are disputes or complexities in the estate administration. It involves more court oversight and can be a lengthier process.
The Probate Process
The probate process typically involves several key steps, which may include:
- Filing the Petition: The probate process begins by filing a petition with the appropriate court, usually in the county where the deceased person resided.
- Validating the Will: If there is a will, the court will review it to ensure its validity. This step is crucial in determining how the assets will be distributed. The assets will be distributed according to Colorado inheritance laws if the will is invalid or nonexistent.
- Inventory and Appraisal: All deceased-owned assets will be identified, inventoried, and appraised. This includes real estate, personal property, financial accounts, and other valuable possessions.
- Paying Debts and Taxes: Outstanding debts and taxes the deceased owe will be paid from the estate. This step ensures that creditors are appropriately compensated.
- Distribution of Assets: Once debts and taxes are settled, the remaining assets will be distributed among the beneficiaries according to the terms of the will or by state law.
- Closing the Estate: The estate will be officially closed by filing the necessary paperwork with the court, concluding the probate process.
Not All Assets Are Subject to Probate
Not all assets are subject to probate. Some assets pass directly to beneficiaries without going through the probate process.
These include assets with designated beneficiaries, such as life insurance policies, retirement accounts, and payable-on-death bank and investment accounts with named beneficiaries. Assets placed in trusts during the deceased person’s lifetime are typically distributed to the heirs and beneficiaries according to the terms of the trust by the succeeding trustee(e)s.
Joint ownership properties can help avoid the probate process. When a property is owned jointly with the right of survivorship, such as joint tenancy or tenancy by the entirety, the ownership automatically transfers to the surviving joint owner(s) upon the death of one owner. This transfer occurs outside of probate.
Joint ownership properties must be established explicitly as joint tenancy or another form of joint ownership to avoid probate. Simply co-owning property without the right of survivorship may still require probate.
Guidance & Representation from Peek Goldstone, LLC
Our probate lawyers can guide you through the probate process as a personal representative. We also represent family members and other beneficiaries who have disputes about the probate process. These disputes can include will contests, claims against the estate, disputes over asset distribution, appointing a personal representative, guardianship disputes, tax issues, and breaches of fiduciary duty involved in the process.
If you need legal help with any aspect of a probated estate, you can count on our dedicated and skilled legal team to help you reach a resolution as quickly and effectively as possible.
Submit our contact form or call us today at (970) 442-5281 for legal help.
