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Probate Litigation Archives

How to keep loved ones from going through Colorado probate

Probate in Colorado is required to transfer assets to heirs if an estate contains more than $50,000 of personal property or real property (for example, a home in Cherry Creek or a condo in Steamboat). This low threshold means your estate may be destined for probate if you fail to take any action.

When to challenge a Colorado will because of undue influence?

After the loss of a loved one, a will is normally submitted to the state court for probate. Usually, the court administers the estate without much debate. The court reviews the validity of the will. Then estate assets are inventoried, liabilities paid and what remains is distributed to beneficiaries of the will according to its instructions.

What to expect from probate

Probate is an integral process to estate administration. Simply put, probate is the process of which a person's property is distributed to the appropriate parties. Probate takes some time because the wishes of the deceased person are usually outlined in a will, and then the property and assets must be collected -- before debts are paid and the beneficiaries eventually receive what the will says they should receive.

Beneficiary designations must be updated after big life changes

A well-established estate plan clearly defines the beneficiaries who will be receiving your assets when you pass away. Beneficiaries are named for assets such as mutual funds, IRAs, retirement plans, life insurance documents, brokerage accounts, bank accounts, 529 plans and annuities. A mistake that some Colorado residents end up making involves failing to update designated beneficiaries when circumstances change. For example, if you get a divorce but never remove your ex-spouse as a beneficiary, some of your assets could end up going to your ex regardless of what's stated in your will.

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