Probate in El Paso County, Colorado


As probate is a legal procedure, it is inherently laden with legal terminology, making it challenging to comprehend. To facilitate clarity, let's begin by exploring a few essential definitions.

Decedent

refers to an individual who has passed away, especially in the context of legal and estate matters. 

Estate

Your estate is essentially the aggregate of all your possessions or assets. This encompasses various categories, including real estate and real property (such as houses and land), bank accounts (including checking, savings, and CDs), financial instruments like stocks, bonds, and mutual funds, life insurance policies, all personal belongings (such as automobiles, furniture, jewelry, artwork, heirlooms, etc.), retirement accounts and assets, as well as health savings accounts. In essence, your estate represents the totality of your tangible and intangible wealth.

Heir

an individual who is legally entitled to inherit the assets and property of a deceased person. Heirs are determined by the laws of intestacy if there is no valid will. In cases where there is a will, the document typically specifies the heirs and their respective shares of the estate.

Devisee

a person or entity designated in a will to receive a specific gift or devise, typically real property (land, houses, etc.) or a specific item of personal property, from the estate of a deceased individual. In other words, a devisee is a beneficiary named in a will to inherit particular assets as specified by the testator (the person making the will).

Beneficiary

is an individual or entity designated to receive benefits, assets, or proceeds from a trust, insurance policy, retirement account, will, or other financial arrangement. The term is commonly used in the context of estate planning, insurance policies, and financial investments.

Letters of Testamentary 

A legal document issued by a probate court that authorizes the executor named in a valid will to administer the estate of a deceased person.

Letters of Administration

A legal document issued by a probate court that grants authority to an individual (the administrator) to manage and distribute the estate of a person who died without a valid will (intestate) or when the named executor in the will is unable or unwilling to serve.

Testate/Intestate

Testate means the decedent passed with a will and Intestate means the decedent passed without a will.

Will

a legal document that outlines how a person's assets and property should be distributed upon their death. It allows individuals to specify beneficiaries, appoint guardians for minor children, and name an executor to oversee the probate process.

Personal Representative (PR) 

The person, appointed by the court, who is responsible for administering the decedent’s estate and ensuring all of the steps of the probate process are properly completed. Can also be referred to as an executor or administrator.
 

Trust

a legal arrangement in which a person (the settlor) transfers assets to a trustee who manages and distributes the assets to beneficiaries according to the terms of the trust. Trusts can be used for various purposes, including avoiding probate, providing for minor children, and managing assets in the event of incapacity.

Probate is the court-supervised process of administering a decedent’s estate in accordance with their will or, in the absence of a will, pursuant to Colorado intestate succession laws. In Colorado, there are three main types of probate proceedings. However, the majority of estates undergo the informal probate process. In this process, the court oversees the case to ensure compliance with the will or intestacy laws. A key feature of the informal probate is the appointment of a personal representative (PR), tasked with the responsibility of managing the various aspects of estate administration. Once appointed, the personal representative proceeds to complete the following tasks:

     ■ Notify heirs, potential heirs, beneficiaries, devisees, debtors, creditors, and potential

        creditors of the decedent's death and the initiation of the probate action.

     ■ Inventory and appraise all assets within the estate.

     ■ Secure payments from debtors owed to the estate.

     ■ Review and address claims filed by creditors. If insufficient funds exist, consider

         liquidating assets to meet creditor obligations.

     ■ File the final tax return for the estate and settle any outstanding tax obligations.

     ■ Distribute any remaining assets to devisees or heirs as outlined in the will or in

         accordance with state law.

 

After the personal representative (PR) completes all the aforementioned tasks, the estate is ready for closure. However, this process typically takes a minimum of six months to allow ample time for creditors to file complaints and for the PR to thoroughly inventory the estate. In cases where the will is contested or other complexities arise, the probate process may extend well beyond the initial six-month period.

PROBATE

Check out our video resources to learn more about the probate process

Download Our Free Probate Packet

 

This packet includes the following information on the probate process:

  ■ A detailed list of the Personal Representative's duties during the probate process
  ■ A detailed timeline of the probate process
  ■ Additional legal terms and definitions associated with probate.

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