What is Probate?
Simply put, probate is the court-guided process of transferring ownership of a decedent’s assets to his or her beneficiaries.
Do I Need Probate?
In Colorado, passing away while owning real property or having more than $70,000 (as of 2020) pulls someone’s estate into probate.
Real property constitutes a house, land, and mineral interests.
The $70,000 threshold is aggregated, meaning we add up every asset and if combined, it totals $70,000 or more, a probate is required.
Who Runs the Probate?
The Personal Representative, or in some cases, Co-Personal Representatives run the probate. A Personal Representative is appointed by the court and this appointment begins the minimum 6-month time frame the probate must be kept open. For more information on how a Personal Representative is appointed, click here.
What Happens in the Probate Process?
During the probate process, the Personal Representative:
- Finds all of the estates assets, like property or liquid assets
- Sells property or transfers the home to beneficiaries if they are keeping it
- Transfers assets to beneficiaries
- Pays creditors that make valid claims
Contact Our Firm for a Free Consultation to Get Your Probate Questions Answered
Whether you want help determining if you need to do a probate, have questions specific to your case, or want more information on using an attorney to help you as the Personal Representative, our Colorado Springs attorneys are happy to sit down with you. Book online or call us at 719-249-2785 for a free probate initial consultation.