Do All Wills Go Through Probate?
Even though it may seem like a bunch of “red tape,” some wills must go through probate in Colorado. Compared to other states, the probate/estate administration process in Colorado is a fairly economical and straightforward process. A probate/estate administration attorney can help to ensure that your will is properly administered and that all of the assets mentioned in your will are properly distributed among your heirs or chosen beneficiaries.
Colorado probate is a legal process that has different types. According to the Colorado Bar Association, there are three types of probates:
- Small estates (assets under $64,000 with no real property): no probate action may be necessary
- Uncontested estates: these matters typically can be handle by informal probate if there is a valid will and the heirs/beneficiaries are all in agreement
- Contested estates and invalid or questionable wills: these matters usually require an formal probate proceeding and often involve litigation to resolve issues of challenges or unclear terms in the will
You can help minimize the need for probate of your will by working with a lawyer to create a document that is as thorough, complete and expresses your true intent. The more work you do now on your will, the less chance your loved ones will have to go through the formal probate process or expensive litigation.
Keep in mind that certain assets that have named beneficiaries are not covered by a will including:
- Life insurance policies
- IRAs
- Joint bank accounts
- Joint property ownership
The lawyers at The Brown Law Firm LLC can help you understand the will probate process in Denver. We can also help you create a will or trust in Denver to protect your assets. Contact us today.