The Colorado Probate Process: Three Types
An estate probate is a legal process supervised by the court. It involves gathering the assets of a deceased individual and then allocating them to the right inheritors and creditors. The state of Colorado follows the UPC or Uniform Probate Code written by acclaimed national experts. These probate laws were developed to make the entire process more straightforward and provide more flexibility to executors.
Probate Types in Colorado
The probate process in Colorado comes in three types: informal probate, unsupervised formal probate, and supervised formal probate. Informal probate is the most common type in Colorado. It is utilized when all inheritors get along well and there are no issues with creditors. The court won’t be involved and you’ll only have to do some paperwork.
The unsupervised formal probate process follows the traditional court hearings and is commonly used if the intervention of the court is required. For instance, if the will isn’t valid and no one agrees on how the estate should be distributed. It is likewise used when a minor stands to inherit a sizeable asset. In addition, a probate attorney in Colorado states that you might also require the permission of the court if you need to sell a property, allocate a property, or pay fees for work relevant to the probate process.
The supervised formal probate is considered the most uncommon probate type. It could only be utilized in the event that the court deems it necessary to oversee the probate process. For instance, if a beneficiary isn’t capable of looking after her or his affairs and requires protection from the court. In this case, approval of the court is likewise necessary before allocating property.
Which Probate is Right for You?
The expertise of a probate lawyer is typically necessary when determining which probate type to use, and the extent of a lawyer’s participation will be dependent on the estate’s complexity. Note that even the most clearly written wills and thoroughly planned estates have related administration costs, including the lawyer and court fees, as well as the deceased individual’s real debts and final expenses. Therefore, it’s tremendously vital that you follow the correct probate process to avoid extra fees and ensure that the assets will be properly protected.