What Is the Main Reason for Probate in Colorado?

Don’t Go At Your Probate Case Without Legal Representation

Probate is the judicial process completed to wind up a decedent’s final affairs and distribute the assets they leave behind, such as bank accounts, real estate, and financial investments.

Colorado Springs lawyer“Probate” encompasses the entire process by which a decedent’s estate is collected, inventoried, creditors and taxes paid, accountancy prepared, and assets ultimately distributed to heirs, either pursuant to a will or a state’s intestate statute which provides rules of administration for when there is no will.

In Colorado, a “Personal Representative” is appointed by the court as the fiduciary in charge of administering an estate and completing the probate process. The “Personal Representative” was traditionally known as the “executor”, if there is a will, or the “administrator” if there was no will.

Although it can appear straightforward, the probate process entails complicated questions concerning the valuation and inventory of assets, fiduciary duties of care, and the payment, negotiation, or disallowance of creditor’s claims, which may or may not be considered valid under Colorado law. It can be a time-consuming, daunting, and thankless task.

Speaking with a Colorado Springs Probate lawyer before beginning the probate process will help you decide whether or not it is necessary for your circumstances because probate is not always necessary.

Even while it could be tempting to forgo further legal bills, it’s always a good idea to seek the advice of a skilled Colorado Springs probate attorney whether or not you believe you require one. You could steer clear of any problems by seeking the assistance and counsel of legal counsel.

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