The Basics of Informal Probate in Colorado: A Step-by-Step Guide
Probate is the process of administering an estate of a deceased person. In Colorado, informal probate is the most common method of probate. It is a less formal and simpler process than formal probate.
What is Informal Probate?
Informal probate is a process where the probate court oversees the settlement of an estate without significant court supervision. The court reviews filings, gives guidance, and approves distributions of an estate’s assets.
How to Begin the Process of Informal Probate?
The first step in the informal probate process is to file a petition with the court. The petition requests the appointment of a personal representative and authorizes them to act on behalf of the estate. The petition must be filed in the county where the deceased person lived.
Who Can be the Personal Representative?
A personal representative is an individual or an entity who is appointed by the court to administer the estate. The personal representative can be nominated by the deceased person in their will. If there is no will, the court will appoint a personal representative based on their priority list. A personal representative can be an individual, professional fiduciary, or a corporation.
What are the Duties of a Personal Representative?
The personal representative has various duties, including filing inventories, paying bills, managing assets, and distributing assets to the beneficiaries. It is crucial to note that the personal representative has a fiduciary duty to act in the best interest of the estate and the beneficiaries.
What Happens During the Informal Probate Process?
The informal probate process varies, but typically it involves the following steps:
- File the petition with the court
- Appoint a personal representative
- Notify potential creditors, beneficiaries, and heirs
- Prepare an inventory of assets
- Pay debts and taxes
- Distribute assets to beneficiaries
How Long Does Informal Probate Take?
The duration of the informal probate process depends on various factors such as the complexity of the estate, the number of assets, and any challenges by creditors or beneficiaries. Generally, informal probate takes between six months to a year.
What are the Advantages of Informal Probate?
Informal probate has several advantages over formal probate such as:
- Shorter duration- The process is generally faster and less expensive
- Less Formal- It is less formal than formal probate, and paperwork may be completed outside of the court
- Efficient- It is an efficient process and does not require court appearances
- Privacy- It allows for privacy in the family and the estate’s affairs
Conclusion
Probate is a complex process, and it is essential to seek the guidance of an attorney to understand the legal implications and risks involved. Fortunately, Colorado’s informal probate process is less formal and less expensive than formal probate. By following the steps outlined in this guide, you can navigate the informal probate process with confidence.
