They are held to a “fiduciary duty,” meaning they must act in the best interests of the deceased and ensure that their wishes are honored. This responsibility can become particularly challenging in cases of Probate Litigation or disputes among beneficiaries.
At Evans Case, our experienced attorneys provide comprehensive support for all aspects of probate, including Asset Management, will validation, and dispute resolution. Whether you’re navigating probate for a loved one’s estate, addressing out-of-state property issues, or managing a Trust, our team is here to guide you through the process with expertise and care. Contact us today to learn how we can assist with your probate needs and ensure a smooth transition of assets while protecting your loved one’s legacy.
The role of an executor during the probate process is to manage and settle the estate of the deceased. An executor is either mentioned by name in a will or is appointed as a personal representative by the court if there is no will. The personal representative is typically a family member or a friend.
If a will exists, the executor is responsible for filing and petitioning for probate with the Denver Probate Court. They are also responsible for notifying all of the necessary parties, including heirs, creditors, and beneficiaries, of the probate proceedings.
The executor must also create an estate inventory of all of the deceased’s assets, including real estate, personal property, bank accounts, and investments. The executor must keep records of the estate’s transactions and make all distributions to creditors and heirs. In some instances, the personal representative may need to create a separate bank account to properly manage the estate’s funds.
As mentioned above, the executor is responsible for settling all debts or obligations of the deceased. They must also file the deceased’s final income tax return and any estate tax returns. Once all taxes and debts have been paid, then the executor will distribute all remaining assets to the appropriate beneficiaries in accordance with the will.
After all financial transactions have been completed on behalf of the estate, the executor must prepare a detailed report and prepare the final accounting. Once all duties relating to the estate have been fulfilled, the personal representative will petition the court to close the estate, and upon approval, the representative will be relieved of all of their duties.
The executor has a fiduciary duty to act impartially and in the best interest of the estate and its beneficiaries. They must manage the estate with care and diligence, doing their best to avoid any potential conflicts and maintain open and clear communication throughout the process.
The executor is entitled to compensation for the duties performed. If a specific amount is not listed in the will, then it may be determined based on the size of the estate.
During the probate process, it is not uncommon for disputes to arise regarding the distribution of assets among the beneficiaries. The will may be contested, which could lead to lengthy legal disputes and disagreements. In the event of a contested will, the probate court may intervene to help resolve any issues and make sure the estate is properly administered.
Whether you are facing challenges with other heirs or beneficiaries or you are finding yourself in need of guidance through the probate process, our team of Denver probate attorneys is well prepared to assist you throughout the process. A probate attorney can help manage all of the legal intricacies that come with the probate process and help ensure that your loved one’s estate is handled properly.
For those pursuing the probate process, Colorado offers a number of different options to ensure that your estate is settled as efficiently as possible. Choosing the right type of probate can save time, reduce costs, and minimize potential conflicts, making it easier for beneficiaries to receive their rightful inheritance.
Informal Probate
Informal probate is very common in Colorado. When there is valid will with a designated executor and no contests or disagreements are expected, informal probate is generally allowed. If all heirs and beneficiaries are in agreement and the estate is fairly simple in terms of assets and distributions, informal probate is a quick and cost-effective way to settle an estate. The clearer and simpler the terms of the will and estate are, the easier the probate process typically goes.
The executor of the will is required to notify all creditors and beneficiaries of the probate process. They must also inventory and accurately value all assets belonging to the estate, pay off any remaining taxes or debts, and distribute the assets among the beneficiaries as specified in the will. Informal probate is often preferred by those with smaller, less complicated estates and financial situations.
Formal Probate
In more complex cases, formal probate may be required. Formal probate is generally a better choice when there are disagreements or disputes about the validity of the will amongst heirs or beneficiaries. If they believe that the distribution of assets is unfair and they choose to contest the will, formal probate may be necessary. It is also a more common option for estates with complicated assets, family businesses, or significant debts. Formal probate may also be necessary when an individual passes away in Denver, leaving behind substantial debts. It could also be required if the deceased owned unique assets like intellectual property, family-owned businesses, and more.
Formal probate often requires greater court intervention and may even involve several different court hearings. In order for the formal probate process to begin, the executor files a petition with the Denver Probate Court. Once the court reviews the petition and approves the will, the executor is able to begin administering the estate. Formal probate can be even more costly and time-consuming, though it goes a long way in addressing complex estates and resolving disputes.
Small Estate Procedure
As of 2024, a small estate is considered any personal property under $82,000 with no real estate. Inheritors are often able to take immediate action in claiming these properties without the need to go to court. These properties typically include things like cars, personal belongings, small bank accounts, and any other assets under $82,000 without real estate.
Beneficiaries who are interested in initiating a small estate procedure in Colorado will have to complete a Small Estate Affidavit. Heirs and beneficiaries must confirm the total value of the estate and affirm that all known creditors have been paid. Once the affidavit is filed, beneficiaries will be able to immediately claim their property without the need to open a formal probate case. The small estate procedure generally provides a quicker and more affordable alternative to probate for families with simple assets or limited financial resources.
It is strongly suggested that heirs and beneficiaries consult with a probate litigation attorney before deciding on a small estate procedure. It’s important to make sure that you are eligible for a small estate procedure before initiating one. Any outstanding debts or financial obligations could cause problems or delays in the process.
Ancillary Probate
If the deceased lived in another state but owned property in the state of Colorado, an executor would generally choose ancillary probate. The primary probate would still need to be settled in whatever state the decedent resided, though ancillary probate will take place in Colorado. During ancillary probate, the executor will file a petition with the Denver Probate Court, who will then give them the authority to manage the estate and distribute the Colorado property.
Ancillary probate is an additional legal step that requires the assistance of an attorney who is knowledgeable in working with multi-state estates. Our team at Evans Case is proud to help executors through the ancillary probate process and make sure that all properties are effectively managed and distributed.
When choosing the right type of probate to pursue, it is important to consider state-specific laws, the size of the estate, the potential for any disagreements with heirs and beneficiaries, and the presence of a valid will.
- Size of the Estate: A smaller estate in Colorado with limited assets may qualify for the small estate procedure. However, larger estates with more complicated assets often require formal or informal probate.
- Presence of a Will: With a will, estates will generally go through formal or informal probate. Estates without a valid will are subject to Colorado’s intestate succession laws and may require greater court supervision in order to determine proper asset distribution.
- Conflicts and Disputes: If you are anticipating disputes or disagreements during the probate process, formal probate may be the best option to address any potential concerns among the involved parties.
- Location of Property: If the deceased owned property outside of the state where they primarily resided, ancillary probate may be required to settle those assets.
It is helpful to understand the unique advantages of each type of probate and to carefully consider which option may be the best for your estate. One of our Denver probate attorneys can provide invaluable assistance and advice to help guide you through the process and make sure that your estate is handled effectively.
Will My Estate Have to Go Through Probate?
When there are assets that are not appointed to a designated beneficiary and are solely in the decedent’s name, the estate will typically go through probate. This includes assets such as real estate, bank accounts, investments, cars, personal property, and more.
If the assets have a designated beneficiary, they generally do not require probate. This can include assets like jointly-owned homes, retirement accounts, life insurance policies with designated beneficiaries, and more.
As mentioned above, any estate under $82,000 without real estate can be managed with a small estate affidavit that will allow the heirs and beneficiaries to distribute assets without going through a formal probate process.
Determining whether or not an estate must go through probate can be a complicated process dependent on several factors. It can be extraordinarily beneficial to have a trusted probate attorney by your side during the probate process. An experienced probate lawyer like those at Evans Case can provide invaluable legal advice and help decide what assets do and do not need to go through probate. If you are dealing with the estate of a loved one and are in need of legal guidance, do not hesitate to contact our team of Denver probate attorneys.
If a will exists, probate is typically necessary to validate the will and ensure fair distribution of assets in accordance with the will. The will must be filed with the Denver Probate Court, and an executor or personal representative must carry out the estate administration.
Even without a will, the estate will need to go through the probate process, and assets will be distributed in accordance with Colorado’s intestate succession laws.
In order to determine if probate is necessary, it is recommended to take inventory of all of the assets owned by the deceased and determine whether or not each asset is designated to a beneficiary. If the value of all the assets is under $74,000, you should be able to continue with a small estate affidavit.
If there are any assets that are either jointly owned or have POD (point-of-death) designations, probate could be avoided altogether.
The probate process can be complicated, especially for those who are dealing with the recent loss of a loved one. We strongly encourage consulting with a Denver probate attorney to address any complications or uncertainties along the way. Our team of probate lawyers will be able to ensure that all legal requirements are met and that your estate is managed successfully.
What Is the Probate Process?
The probate process is an essential part of properly administering the estate of a deceased person or loved one. As mentioned above, it begins with determining the need for probate based on the value and size of the estate, the specific types of assets, whether or not a will exists, and potential disputes and disagreements among heirs and beneficiaries.
- If probate is needed, the executor of the will must file a petition for probate with the Denver Probate Court. In most cases, the executor will need the death certificate of the deceased, the will, and an application for either formal or informal probate. If not specifically mentioned in the will, the court is responsible for appointing a personal representative to administer the estate.
- Once a personal representative is appointed, they must notify all heirs, beneficiaries, and creditors of the probate proceedings. It is the personal representative that is responsible for taking inventory of all of the deceased’s assets, like real estate, personal property, bank accounts, and investments. The representative is required to file inventory, provide an appraisal of the estate’s assets, and present it to the court in order to determine the exact value of the estate at the time of death.
- It is the personal representative’s duty to protect all assets belonging to the estate during the probate process. In some cases, the representative may need to open a separate estate bank account, pay all ongoing debts, taxes, payments, etc., and maintain the real estate and other property involved.
In the event of any disputes arising, the court will be tasked with holding hearings to validate the will and resolve any ongoing conflicts or disagreements.
The personal representative will then be responsible for providing a final accounting of the estate to the court, including all financial transactions conducted on its behalf and any expenses or fees accrued during the probate process.
Once all duties are fulfilled, the personal representative will once again petition the court to close the estate. After reviewing and approving the final accounting, the estate will be closed, and the executor will be free of any further responsibility.
The probate process, while overwhelming and complicated for the executors, is an important legal procedure that aims to ensure the deceased’s estate is administered according to their wishes.. Personal representatives take on a large responsibility and must act in the best interests of everyone involved.
To ensure fair distribution of assets and a clear, formulated approach to the probate process, we strongly encourage you to reach out to a Denver probate attorney for all of the challenges you may face with your estate. The team of probate lawyers at Evans Case is well-versed in the subtleties and challenges of probate and can provide you with indispensable legal support along the way. Do not hesitate to reach out to our team today if you are looking for assistance in the probate process.