Informal Probate in Colorado: Understanding the Basics
Probate is a legal process that takes place after an individual passes away. It involves proving the validity of their will and executing the distribution of their assets. In Colorado, there are two types of probate: formal and informal. In this article, we will be focusing on informal probate.
What is Informal Probate?
Informal probate is a simplified version of the probate process that does not require court supervision. It is often used when the estate is small and does not involve any major controversies. Informal probate allows for a faster and more cost-effective process compared to formal probate.
Who Can File for Informal Probate?
In Colorado, any interested party can file for informal probate. This means that if you are a relative, beneficiary, or even a creditor of the deceased, you can apply for informal probate. However, it is important to note that the executor named in the will has the first right to file for probate.
Steps Involved in Informal Probate
1. Filing a Petition: The first step in initiating informal probate is filing a petition with the appropriate court. The petition should include basic information like the deceased’s name and date of death, as well as information about the executor and beneficiaries.
2. Publication of Notice: Once the petition has been filed, a notice must be published in a local newspaper. This notice must include details about the petition and the deadline for objections.
3. Waiting Period: After the notice has been published, interested parties have a certain period (usually 30 days) to object to the petition. If no objections are received, the court will issue a certificate of informal probate.
4. Inventory and Appraisal: Once probate has been granted, the executor must prepare an inventory and appraisal of the deceased’s assets. This includes everything from real estate to personal property.
5. Distribution of Assets: The final step in the informal probate process is the distribution of assets to beneficiaries. This is done according to the deceased’s will or, if there is no will, according to Colorado law.
Advantages of Informal Probate
• Lower Costs: One of the biggest advantages of informal probate is that it is typically less expensive than formal probate. Since there is no court supervision required, legal fees are often lower.
• Faster Process: Informal probate is usually faster than formal probate. There are fewer court requirements to fulfill, so the process can be completed more quickly.
• Less Stressful: Since informal probate is a simpler process, it can be less stressful for the executor and beneficiaries. There is less chance for disputes or delays, which can make the process more streamlined and efficient.
Conclusion
If you are faced with the task of settling a loved one’s estate in Colorado, informal probate may be a good option for you. It is a simpler and more cost-effective alternative to formal probate. However, it is important to remember that every estate is unique and may have specific requirements. It is always advisable to seek the advice of a qualified attorney before proceeding with any probate process.
