When Is Probate Needed?
Probate is essentially the process of having someone appointed by the court (e.g., a personal representative) to collect your assets, to evaluate and pay any valid debts, and to distribute your property in accordance with your will or the applicable intestacy laws if there is no will. In Colorado, we are fortunate that this process can be very straightforward. A stressing factor lies in that the decisions to be made and actions to be taken as part of this process must be performed when you are grieving the loss of a loved one and trying to continue providing for your family.
For advice and guidance on the probate process in Denver, contact our law firm today.
Choose A Thorough Estate Administration Attorney
With the help of an experienced attorney, probate administration can become easier to manage, understand and complete. The lawyers of Olsen & Mahoney, LLP, have many years of combined experience working with individuals to make this process as simple and stress-free as possible.
How Do I Know If Probate Is Necessary?
Generally, a probate estate must be opened if a person owns real property in his or her name individually, which is not held in joint tenancy with another owner. The appointment of a personal representative of the decedent’s estate is necessary to allow someone to have authority to sell or transfer title for such real property. Regardless of whether real property is owned by a decedent, a probate estate will also be necessary if the assets remaining in the decedent’s name, individually, exceed $61,000 and such assets do not otherwise pass to one or more beneficiaries by way of joint tenant or paid-on-death beneficiary designation.
Even if a probate estate is not required for the administration and transfer of property, a significant advantage of opening a probate estate lies in addressing potential creditor claims. While a creditor generally has up to one year after the date of a decedent’s death to assert a claim, once you open a probate estate, you have the option of publishing notice of the creditor claim deadline in a local newspaper, which can shorten the claim period for unknown creditors to as little as four months following the date of the initial publication. By shortening the period under which creditors may file claims, you can streamline and expedite the administration process after a loved one’s death and help to facilitate closure in a difficult situation.
Our Colorado lawyers are sensitive to the unique needs of our clients. We are determined to help you make the choices that will ultimately result in the best outcome possible for you and your family.
Contact Olsen & Mahoney, LLP, Attorneys And Counselors At Law
Our main office is conveniently located in an accessible part of Denver, with satellite offices in Arvada and Parker. To speak with one of our knowledgeable Colorado probate attorneys, call or 720-644-1605 to schedule an initial consultation.