Top 5 Questions Regarding Probate

Probate can be a difficult and confusing process. In this post, we will discuss some of the most common probate questions.

Question 1:  What is probate?

Probate is the court-supervised process for distributing your assets after you pass away. This is the formal process where ownership of the estate is transferred to the beneficiary.

Probate can involve estates for which there is a will or ones where the deceased did not have a will.

Probate involves a proceeding in front of a probate court where a will is validated and an executor is given the go-ahead to liquidate assets, pay debts, and distribute property in accordance with the decedent’s will’s instructions or the default intestacy laws.

As you can see, probate can be a costly and time-consuming process that involves going to court.

As a result, some families seek solutions that can keep them out of probate, both to minimize expenses and shorten the time frame for the beneficiaries to take possession of the estate. Probate is the court-supervised process for distributing your assets after you pass away. This is the formal process where ownership of the estate is transferred to the beneficiary.

Probate can involve estates for which there is a will or ones where the deceased did not have a will.

Probate involves a proceeding in front of probate court where a will is validated and an executor is given the go-ahead to liquidate assets, pay debts, and distribute property in accordance with the decedent’s will’s instructions or the default intestacy laws.

As you can see, probate can be a costly and time-consuming process that involves going to court.

As a result, some families seek solutions that can keep them out of probate, both to minimize expenses and shorten the time frame for the beneficiaries to take possession of the estate.

Question 2: How long does probate take?

Probate by law is required to take a minimum of 6 months. However, uncontested probates generally take 1 to 2 years to complete, and contested probates can last for several years. The best advice I can give you is to plan ahead to avoid probate and to be open to resolving family differences as harmoniously as possible.

Question 3: How can someone avoid probate?

To the extent that you are able to, you should structure your estate plan to keep your assets out of probate.

Working with a Colorado estate planning attorney, you can set up any one of a number of different asset structures that can keep your property out of probate.

The most common of these structures are revocable or irrevocable living trusts. When you pass away, these options will pass your property to your beneficiaries outside of probate.

Question 4: Where does probate take place?

Probate must take place in the county where the decedent lived at the time of their passing.

Probate must also take place in every state where the decedent owned real estate.

Question 5: When should someone hire a probate attorney?

This depends on how complex and large the estate, how familiar you are with the court system, and whether any conflicts are likely to arise.

If the will goes through probate and there is a large number of assets or they are complicated to understand and distribute, it will help to have a probate lawyer to safeguard your interests and make sure that you are properly probating the estate.

Similarly, if there are poor relationships with the other beneficiaries, it may be necessary to have a probate lawyer if you cannot trust the others. If there are small estates or your estate qualifies for the simplified probate procedures, then you may not need a probate lawyer. For example, in an estate with no real estate and valued at less than $50,000 a probate attorney may not be necessary.

However, if you do have a large inheritance, it will be helpful to at least consult with a probate lawyer to be aware of certain pitfalls that you can face in the process and what you need to be aware of as the case goes through probate.

You will certainly need a probate lawyer if there is any type of litigation stemming from the will because they can fight for your interests.

I hope you found this information beneficial. Please let me know if I and my team of attorneys can assist you during the probate process.