Probate

What is probate?

The probate process allows the personal representative named in the will to be appointed and transfer the probate assets to the intended recipients. It ensures that creditors are paid in a timely fashion and disallows creditor claims after proper notice has been given. If the decedent had a will, the personal representative will receive Letters of testamentary. If the decedent died intestate, or without a will, the personal representative will receive Letters of administration. The Letters are the authorization the personal representative needs to act on behalf of the estate. This is a common misconception, that being named in the will allows the personal representative to act. However, it is necessary to get court approval and obtain the letters before financial institutions will recognize your authorization to act. The probate process in Colorado is streamlined and relatively efficient as compared to other states.

Benefits of probate include:

• Orderly process and procedure for ensuring estate assets are distributed properly.

• Creditor claims are dealt with in an efficient manner and are barred after one year.

• A recipient of estate assets, by purchase or transfer, has a higher degree of certainty that assets conveyed are free from liens or encumbrances.

• Beneficiaries may request an accounting of all funds received and disbursed by the estate which may provide transparency and alleviate tension among beneficiaries.

• If the personal representative acts in good faith and follows the court’s instructions, it can provide a safety from liability.

• Court can act to determine the validity of a contested will and interpret any contested language.

• Court has the power to approve modifications to distributions from the estate if all the beneficiaries are in agreement.

• Court resolves disputes among beneficiaries.