Call For Your Free Consultation
720-588-4894
Attorneys
View Practice Areas

Avoiding probate in Colorado

If you’re establishing an estate plan, you are probably familiar with the term “probate.” Probate is the process by which your estate is examined and dispersed after your death. It can be extremely expensive for your family and extremely public – all probate court proceedings are a matter of public record. All estates must go through probate court, but Colorado law allows some ways to establish your estate so that the process is as streamlined as possible.

 

Have a will

If you die with a will (this is called dying “testate”), probate is simple, as long as no one contests your will. The court will simply ensure that your will is executed as intended. If you die without a will (dying “intestate”), the court will need to identify all your property and decide how it should be dispersed. This can take a very long time and become quite expensive for your family in the form of attorneys’ and court fees.

Establish a living trust

A living trust is designed so that your assets could be legally controlled by another individual. While you’re alive, the trustee must use the assets in accordance with your wishes, but upon your death, your assets transfer seamlessly to the trustee or beneficiary, because they already legally own them. There are other benefits to a living trust besides avoiding probate, too.

Arrange for joint property ownership

One of the easiest ways to circumvent probate altogether is to arrange your property so that you own it jointly with the person you would want to receive it after your death. If you include a “right of survivorship” clause in your agreement, upon your death the property would simply transfer automatically to the remaining joint owner.

Explore on-death stipulations

When discussing finances, there are several ways to designate your beneficiary simply within the account itself. For instance, “payable on death” accounts are designed so that as you open them, you choose your beneficiary, and then upon your death the beneficiary receives the money without having to go through probate. Many retirement accounts also ask for a beneficiary and operate the same way upon death.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Get Your Free Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Denver Office

4155 East Jewell Avenue, Suite 500
Denver, CO 80222

Phone: 720-588-4894
Fax: 303-758-8237

Maps & Directions

Satellite Locations

We have office locations in Arvada, Broomfield, Colorado Springs, Ft. Collins, Lakewood, Littleton, and Lone Tree.

View Satellite Locations