Understanding the Probate/Estate Process
Probate isn’t always straightforward as it seems. It can be confusing or difficult to navigate when you’re unfamiliar with the field—and that’s where we come in. We, and our partners, are experts in the probate process in the state of Colorado.
STEP ONE
File a petition with the County Court
RESOURCES:
STEP TWO
Appointment of a personal representative
STEP THREE
List with Colorado Estate Services
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Colorado Estate Services/Probate Solutions
Matthew Cobb or Dave Quale
Opening an Estate in Colorado
Step 1: Determine the Need for Probate
The first step in opening an estate is determining whether probate is necessary. Probate is the court-supervised process of distributing a deceased person’s assets according to their will or state law if there is no will. In Colorado, not all estates require probate. For smaller estates, with assets valued at less than $82,000 (as of 2024) and no real property, the process might be simplified, allowing for the use of a small estate affidavit.
Step 2: Identify the Personal Representative
A personal representative (also known as an executor in other states) is responsible for managing the estate throughout the probate process. The will typically names the personal representative, but if there is no will, or if the named individual is unable or unwilling to serve, the court will appoint one. It’s essential to choose someone trustworthy and capable of handling the responsibilities that come with managing an estate.
Step 3: File the Required Documents
To officially open an estate in Colorado, you need to file several documents with the probate court in the county where the deceased resided. These typically include:
Application for Informal or Formal Probate: Depending on the complexity of the estate, you’ll choose between informal and formal probate.
Will (if applicable): The original will must be submitted.
Death Certificate: A certified copy of the death certificate is required.
Acceptance of Appointment: The personal representative must file a statement accepting the role.
You may also require additional information, including:
Social Security Number: The deceased’s social security number is often required for various legal and financial processes during probate.
Marriage and Divorce Certificates: If applicable, these documents may be necessary to establish legal relationships and rights.
Legal Identification: Copies of the deceased’s driver’s license, passport, or other forms of identification.
Step 4: Inventory and Appraise the Estate
Once the estate is opened, the personal representative must notify all heirs and beneficiaries. Additionally, the representative must publish a notice to creditors in a local newspaper, giving creditors an opportunity to make claims against the estate. In Colorado, creditors have four months from the date of notice publication to file a claim.
Step 5: Pay Debts and Taxes
Before any distributions can be made to heirs or beneficiaries, the estate’s debts and taxes must be paid. This includes funeral expenses, outstanding bills, and any state or federal taxes owed. The personal representative is responsible for ensuring these obligations are met.
Step 6: Beneficiary Information
Contact information for all beneficiaries named in the will or entitled to inherit under state law.
Step 7: Tax Returns
Recent tax returns of the deceased, which may help in understanding their financial situation and obligations.
Step 8: Financial Records
Documentation of income, expenses, and other financial transactions of the deceased.
Step 9: Life Insurance Policies
Copies of any life insurance policies, including the beneficiary designations.
Step 10:Funeral Expenses
Receipts and invoices related to funeral and burial expenses, as these may be reimbursed from the estate.
Colorado Home Realty
Becci Mccormack - Broker Associate