Probate
Most people assume they can avoid probate by writing a will, but this is simply not the case.
In the state of Colorado, all intestate estates (dying without a will) and wills must be probated. The extent of court involvement will depend on the complexity of the estate and cooperation of heirs. The fastest an estate can statutorily close in Colorado is 6 months and 6 days. But most probates take a year or more to close.
If a person dies without a will, each state has laws that indicate who will inherit the estate. Typically, assets will be divided between the surviving spouse and children. If no family can be located, the estate will go to the state. Only blood relatives, spouses and domestic partners are eligible to inherit under intestate laws. Absent a will or trust, friends and unmarried partners generally cannot inherit assets.
Avoiding Probate
Common ways to avoid probate involve naming beneficiaries on bank and retirement accounts, holding property as joint tenants, and executing a revocable living trust. Each of these options should be discussed with an estate planning attorney. Each has its place in legacy planning. Of these options, a revocable living trust provides the most flexibility and assurance that assets will be distributed to whom you want, how you want and when you want.
Connect with Us
You have spent your entire life accumulating wealth and assets. Our goal is to ensure each client has a legacy plan that protects their wealth and assets, for present and future generations.
If you have questions about estate planning or if you would like to schedule a complimentary consultation with one of our attorneys, please call The Law Network PC at 303.267.1111, email us, or use our contact form. We look forward to working with you.