Get a Secure Inheritance Loan, usually within 72 Hrs if you’re an Heir or Beneficiary of an Estate in Colorado, in Probate or Trust.
If you are currently dealing with, or about to deal with, the Colorado state court system with respect to a probate or estate issue – the following information should be helpful to you.
Probate law governs estate matters when someone who, such as a family member or other loved one, passes away. These laws insure that creditors are paid properly and that assets are distributed correctly to the “heirs,” or the descendant(s) of the estate.
What is the purpose of Probate? Probate is the legal process that deals with estate assets and property, with regard to heirs and creditors. Probate begins with a “petition” to open the estate and name a personal representative who is responsible for the administration of the deceased’s property.
The next step is when an official Notice of Creditors is printed in a local newspaper and Notice of Administration is sent to other involved parties. Creditors then have a set amount of time to file their claims from the first date of publication. Then the personal representative can pay the debt and distribute the remaining estate. Finally, a petition for discharge is filed, and the estate is closed.
Colorado Probate Law
Heirs in Colorado should be concerned with “agreements” involving “approvals of trusts” with third parties, or how the estate is involved at this stage with folks that were involve with the decedent, often with respect to investments. “Devolution” is also important to the Colorado courts. Your probate attorney will have a comprehensive understanding of probate practices and procedures in the state of Colorado.
When a personal representative is elected, he/she may be responsible for handling claims made against the decedent. With a probate or estate attorney in charge of these probate, or inheritance, issues these claims can be handled relatively quickly.
Debts can be recovered by creditors after the distribution of the estate, property and assets, has occurred – with the exception of claims that have been barred and that have fallen outside the time limit set by Colorado probate law. Your attorney and personal representative must make sure that the estate does not end up paying out more to creditors that necessary.
With respect to Colorado probate issues, one must be aware of “devolution”, and the manner in which it is handled by the court. In cases of devolution, interested persons are bound to the orders of the probate court, so they are held legally responsible.
Colorado state probate processes and probate laws are complex, so, as you can see, your probate attorney will be extremely important to the successful resolution of your estate’s journey through the probate process.
Probate in Colorado
Colorado has a separate probate court in Denver County only; in the rest of the state, district courts handle probate proceedings. Additionally, Colorado has a separate juvenile court.