What is Probate?
Probate is the court process we go through when a person dies either having more than $74,000 (as of 2022) in total assets or owning real property in Colorado.
How does the Process Work?
Getting a Personal Representative Appointed
Once you know you need to do a probate, the next step is to determine whether the probate is testate or intestate. If the person did have a will and the original has been located, the will needs to be lodged with the court right away.
The person who wishes to be Personal Representative must apply to be appointed with the court. The court will then issue an Order and Letters appointing the Personal Representative.
After the Personal Representative is Appointed
When the Personal Representative has his or her Letters from the court, all of the administration of the probate can take place.
Administration of the probate can include:
- Selling to third-parties or transferring real property to beneficiaries
- Paying creditors
- Distributing proceeds of the estate to beneficiaries
Closing the Estate
In Colorado, a probate must be kept open for at least six months after the appointment of the Personal Representative. However, many times the probate takes longer than six months. The probate can be closed after all administration of the estate has been completed. The exact pieces of each estate’s probate can vary, so be sure to check you have completed all steps before requesting the court close the probate and release the Personal Representative from his or her role and associated liability.
Need some help?
Frequently, using an attorney to represent you as Personal Representative not only takes a huge load off of your plate (being a Personal Representative can feel like a second job!) but it can also make the process quicker and enable you to close your case right around the six-month mark when the court allows the case to be closed! Call our office to discuss your case today, 719-259-4971!