Greeley Probate Attorneys

Experienced Probate Lawyers Serving Erie, CO

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) 352-8611. 

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.

Benefits of Hiring an Experienced Greeley Probate Attorney

Probate can be a complex and time-consuming process, especially for those who are unfamiliar with the legal requirements and procedures involved. Hiring a probate attorney can help streamline the process and ensure that everything is handled correctly and efficiently. Here are some benefits of hiring a probate attorney:

• Expertise: Probate attorneys have specialized knowledge and experience in handling probate cases, ensuring that everything is done correctly and in compliance with state laws.
• Reduce stress: Dealing with the loss of a loved one is already a difficult time, and the added burden of probate proceedings can be overwhelming. A probate attorney can handle the legal aspects of the process, allowing you to focus on grieving and healing.
• Save time: Probate can be a lengthy process, but a probate attorney can help expedite the proceedings and avoid unnecessary delays.
• Avoid mistakes: Probate involves a lot of paperwork and legal requirements, and even small errors can lead to costly delays. A probate attorney can ensure that everything is done correctly the first time.
• Protect assets: A probate attorney can help protect the assets of the estate and ensure that they are distributed according to the deceased's wishes.

At Peek Goldstone, LLC, our Greeley probate attorneys are dedicated to providing guidance and representation to clients navigating the probate process. today for expert legal assistance.

Is it Possible to Avoid Probate in CO?

Yes, it is possible to avoid probate in Colorado by using several estate planning strategies that can help ensure your assets are transferred to your beneficiaries without going through the probate process. 

Probate is the legal process through which a deceased person's assets are distributed, but it can be time-consuming, expensive, and public. To avoid probate, many people use the following methods:

• Revocable Living Trust: Creating a revocable living trust is one of the most effective ways to avoid probate. When you transfer your assets into a trust, they are no longer considered part of your estate upon your death, which means they do not need to go through probate. The trustee you appoint will manage the trust according to your instructions, allowing for a smooth transfer of assets to your beneficiaries.
• Joint Ownership: Holding property jointly with rights of survivorship can also avoid probate. In this arrangement, when one owner dies, the property automatically passes to the surviving owner(s) without the need for probate. This is common with real estate, bank accounts, and other significant assets.
• Beneficiary Designations: Certain assets allow you to designate a beneficiary who will receive the asset directly upon your death, bypassing probate. These include life insurance policies, retirement accounts (such as IRAs and 401(k)s), and payable-on-death (POD) or transfer-on-death (TOD) accounts for bank and brokerage accounts. Ensuring that these beneficiary designations are up-to-date and properly completed is crucial.
• Small Estate Procedures: Colorado has a simplified probate process for small estates valued at $70,000 or less and that do not include real estate. By using an affidavit, the heirs can claim the assets without going through the formal probate process. This is a simplified way to handle small estates, but it’s important to confirm that the estate qualifies under Colorado law.
• Gifting During Lifetime: You can avoid probate by gifting assets to your intended beneficiaries while you are still alive. This reduces the size of your estate, thereby potentially avoiding the need for probate. However, it is essential to consider potential gift tax implications and ensure that gifting does not negatively impact your financial situation.

By carefully planning and using these strategies, it is possible to significantly reduce or even eliminate the need for probate in Colorado. However, it’s important to consult with an estate planning attorney to ensure that your estate plan is properly structured and complies with Colorado law.

Guidance & Representation from Peek Goldstone, LLC

Our Erie 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.

Consult with a Greeley probate lawyer by contacting us online or at (970) 352-8611.