Res Ipsa

Will I need probate when I die in Colorado?

Will I need probate when I die in Colorado?

Probate can get a bad rap; and that’s because, in some states, it’s a lengthily, costly, and complex process. For those who live in those states where probate is a nightmare, it’s understandable that they often use estate planning tools that try to avoid probate.

Luckily, for us in Colorado, the probate process has been designed to be efficient, affordable, and straightforward, making it something that doesn’t need to be avoided. (There are, of course, complex probate cases or other reasons someone might want to avoid probate, but they often have unique circumstances that don’t apply to most of us.)

When you die, would your estate need to go through probate?

To know if your estate would require probate, the first place to start is to understand how assets are passed from the owner to someone else when the owner dies.

One way an asset can pass is by contract. An example of this type of transfer is a life insurance policy. Someone enters into a contract with an insurance company. In exchange for receiving principal payments, the insurance company agrees to pay a certain amount upon the person’s death to a beneficiary. When the person dies, the beneficiary gets the proceeds automatically. The same automatic transfer occurs when you list someone as a beneficiary for your bank account (often listed as the POD or payable on death beneficiary).

Another way assets can pass upon the owner’s death is by law. An example of this transfer is when two people own a house as joint tenants with the right of survivorship. When one of the joint tenants dies, the other one gets the property outright because they hold the right of survivorship. The same automatic transfer happens when someone signs a beneficiary deed so that upon their death, the title to the property is automatically transferred to whomever they list as the grantee.

It’s important to note that just because someone has a bank account or owns a house doesn’t mean either of those types of assets will pass outside of probate. The specific mechanism has to be in place prior to the person’s death. If it’s not, those assets can only transfer to someone else through probate.

If a deceased person held assets that do not transfer by contract or law, the way the transfer legally occurs is through the probate process. Remember, probate is the legal process by which the assets of a deceased person are transferred to their heirs or beneficiaries. While the deceased person isn’t getting a direct benefit from the probate process (they are dead, after all), their heirs or beneficiaries are. The people receiving assets from the estate can rest assured that ownership of those assets is being transferred legally and without the risk of a challenge down the road. As you might imagine, everyone comes out of the woodworks when they think they might get part of an estate. To avoid challenges down the road, the probate process provides notification so that anyone who might be interested has a specific timeframe to come forward. This includes creditors. The probate process gives creditors a window of time to make a claim against the estate. If they don’t, they can’t come back later and do so. Again, this gives the recipients of the decedent’s estate peace of mind that they won’t have someone knocking on their door asking for a debt to be paid.

If you’re not sure if probate is right for your situation, it’s best to talk with a probate attorney. They can give you information and options so that you can choose what works best for you and your family.

If you are looking for affordable legal help with probate in Colorado, schedule a call today.

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This website includes information about legal issues and legal developments. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You should contact an attorney for advice on specific legal problems.

Lauren Lester is an affordable family law, estate planning, and probate lawyer licensed in Colorado.

What is the difference between an heir and a beneficiary?

What is the difference between an heir and a beneficiary?

When someone dies, their stuff will go to certain people. Who those people are will depend on whether the person who died left a will or trust.

If the person who died did not leave a will, the people who will get the deceased person’s assets are determined by law based on the relationship to the deceased person. Someone entitled to inherit from a deceased person by law is called an heir.

Someone’s heirs will depend on their marital status and family makeup. In Colorado, if someone is married, their spouse is an heir. Likewise, if someone has children (whether or not they are married), the children are heirs. If someone isn’t married and doesn’t have children, their parents, siblings, and even grandparents are likely to be their heirs.

Now, just because someone is identified as an heir under the law doesn’t mean they will receive anything from the deceased person’s estate. In addition to identifying the heirs of someone who has died, the statute also includes a priority order for which of the heirs are entitled to receive all or part of the estate. It’s important to understand the order of succession.

Like an heir, a beneficiary is also someone who is likely to receive a part of the estate of someone who’d died. Unlike an heir, however, a beneficiary is specifically named by the person who died in their will or trust. Because the person who died is able to name anyone they want as a beneficiary, the pool of people who could be a beneficiary is much broader than those who could be an heir. Because people usually give their estate to the same people who are listed as heirs by law, beneficiaries and heirs are often the same people so the terms are used interchangeably, however, they do have different meanings and it’s important to know the difference.

If you are looking for affordable legal help with an estate plan or probate in Colorado, schedule a free consultation today.

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This website includes information about legal issues and legal developments. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You should contact an attorney for advice on specific legal problems.

Lauren Lester is an affordable family law, estate planning, and probate lawyer licensed in Colorado.

What is a Personal Representative?

What is a Personal Representative?

Have you been named as a Personal Representative for someone? Or are you working on your will and need to nominate a Personal Representative? Wondering what the heck a Personal Representative is and why you need one? I totally understand!

A Personal Representative is someone who has been nominated by someone to act as a fiduciary of the nominating party’s estate. Let’s break that down a little more.

A fiduciary is someone who has a legal duty to someone else. In this case, a Personal Representative has a duty to the estate, the devisees (the people who will receive from the estate under a will), the heirs (the people who will receive from the estate if the person who died left no will), and other interested persons like creditors.

A Personal Representative is required to act in a way that is impartial towards all parties of the estate, to administer the estate with care and prudence, to put the interests of the estate first before their own individual interest, and to treat every part the same.

Within the probate process itself, the Personal Representative handles tasks like creating and providing an inventory or accounting of everything in the estate, keeping accurate records, managing assets, distributing assets, and paying creditors.

While you nominate a Personal Representative in your will, that person is not actually placed in the role of Personal Representative until appointed by the Court. This is because sometimes the person nominated isn’t willing or able to be the Personal Representative at the time their loved one died. There could also be another person who feels they should be appointed as Personal Representative either because they have some sort of statutory right (like a spouse) or because they just feel they would do a better job. In this situation, the probate court would hear from each person and make a determination.

If there’s no one contesting the nomination and the person nominated is willing and able to be the Personal Representative, the process of getting that formal appointment is straightforward.

Because there can be a fair amount of work the Personal Representative is required to do, they can be paid for providing their services. The pay is required to be reasonable. Some Personal Representatives choose not to be paid, however, it’s recommended every Personal Representative keep track of his or her time spent on the administration of the estate even if they aren’t being paid.

It’s important to note that the role of a Personal Representative is a serious one and because of the fiduciary nature, the Personal Representative could be personally liable for actions they take in that role. Before you select someone to nominate as the Personal Representative in your will or before you agree to take on the appointment, it’s important to understand the role, responsibilities, and potential liability.

If you are looking for affordable legal help with an estate plan or probate in Colorado, schedule a free consultation today.

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This website includes information about legal issues and legal developments. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You should contact an attorney for advice on specific legal problems.

Lauren Lester is an affordable family law, estate planning, and probate lawyer licensed in Colorado.

What is formal vs. informal probate?

What is formal vs. informal probate?

When someone dies and probate is opened in Colorado, the first decision you need to make is if the probate process will be formal or informal.

During a formal probate process, the probate court pays closer attention to the case and takes a more hands-on approach. Usually, formal probate is used when there’s a suspicion or concern that someone will raise an issue about the deceased person’s will or how their estate will be distributed. Formal probate can also be used when the person who died left no will and it’s not clear who the heirs are.

During an informal probate process, the probate court still oversees things but it’s less involved than it is with a formal process. Informal probate can be used when no one is contesting the will or distribution, therefore, making litigation unlikely. If someone dies without a will, informal probate can still be used if it’s clear who the heirs are.

If you are looking for affordable legal help with an estate plan or probate in Colorado, schedule a free consultation today.

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This website includes information about legal issues and legal developments. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You should contact an attorney for advice on specific legal problems.

Lauren Lester is an affordable family law, estate planning, and probate lawyer licensed in Colorado.

What is an estate and do I have one?

What is an estate and do I have one?

“Estate” sounds very fancy and like it only applies to those with substantial wealth, but all of us actually have an estate. What’s in our estate and what it’s valued at will certainly differ, but we all have an estate – even if they are humble!

An “estate” is everything a person owns at the time of their death. This includes the things people commonly think of like a house, bank account, or vehicle, but an estate also includes things like furniture and household goods, personal effects, and jewelry. And here in Colorado, of course, pets!

Even if you don’t own many things or the value of those things may not be a lot, you have an estate. If those items are important to you, it’s important you plan what should happen to them when you die.

To make it easier on your family and friends, it’s helpful to leave instructions for how your estate should be disbursed upon your death. You provide these instructions through a will or trust.

If you are looking for affordable legal help with an estate plan or probate in Colorado, schedule a free consultation today.

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This website includes information about legal issues and legal developments. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You should contact an attorney for advice on specific legal problems.

Lauren Lester is an affordable family law, estate planning, and probate lawyer licensed in Colorado.

What is Probate in Colorado?

What is Probate in Colorado?

Like many things in the law, “probate” is something that sounds more complicated than the concept really is. Simply, “probate” is the legal process by which the assets of someone who has died are transferred to the appropriate heirs or beneficiaries. The process also allows any creditors whom the deceased person may have owed to come forward and collect the outstanding balance.

Probate has gotten a bad rap in many states because the process has become so overwhelming, complex, and expensive. Luckily, here in Colorado, the probate process is one of the most consumer-friendly in the nation. The courts here have set things up to allow the appointed personal representative to complete the process without completing unnecessary steps or paperwork. When no one is fighting over whom will get which assets, the process is pretty routine and protects the estate from future claims.

If you are looking for affordable legal help with an estate plan or probate in Colorado, schedule a free consultation today.

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This website includes information about legal issues and legal developments. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You should contact an attorney for advice on specific legal problems.

Lauren Lester is an affordable family law, estate planning, and probate lawyer licensed in Colorado.

How to prepare for your divorce or custody hearing in Colorado

How to prepare for your divorce or custody hearing in Colorado

During the latest Family Law Hour webinar, I covered what to expect during a contested hearing in your divorce or custody case. During this live stream, I discuss:

  • How to prepare for your final hearing
  • What the procedure is
  • Common pitfalls to avoid

Watch the replay below!

For legal help with your divorce or custody case at an affordable flat rate in Colorado, schedule your consultation today.

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This website includes information about legal issues and legal developments. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You should contact an attorney for advice on specific legal problems.

Lauren Lester is an affordable family law, estate planning, and probate lawyer licensed in Colorado.

How custody is determined in Colorado?

How custody is determined in Colorado?

During the latest Family Law Hour webinar, I covered how custody or parenting time is determined in Colorado if the parents can’t agree on a schedule. During this live stream, I discuss:

  • What the allocation of parental responsibilities includes
  • What the court considers if it has to decide a parenting time schedule and decision-making responsibilities
  • How to avoid paying unnecessary legal fees to get a parenting plan in place

Plus, I share the secret for how to get divorced or complete a custody case for less than $500!

Watch the replay below!

For legal help with your divorce or custody case at an affordable flat rate in Colorado, schedule your consultation today.

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This website includes information about legal issues and legal developments. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You should contact an attorney for advice on specific legal problems.

Lauren Lester is an affordable family law, estate planning, and probate lawyer licensed in Colorado.

How are assets and debts divided in a divorce?

How are assets and debts divided in a divorce?

During the latest Family Law Hour webinar, I covered how assets and debts are divided in a divorce. During this live stream, I covered the following questions:

  • When you’re ready to talk about dividing assets and debts
  • What’s marital property and what’s not
  • What the court considers when dividing marital property
  • How to avoid paying unnecessary legal fees that delete your assets

Plus, I share the secret for how to get divorced or complete a custody case for less than $500!

Watch the replay below!

For legal help with your divorce or custody case at an affordable flat rate in Colorado, schedule your consultation today.

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This website includes information about legal issues and legal developments. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You should contact an attorney for advice on specific legal problems.

Lauren Lester is an affordable family law, estate planning, and probate lawyer licensed in Colorado.

The Financial Information You Must Disclose

The Financial Information You Must Disclose

During the latest Family Law Hour webinar, I covered the financial information and documents required during a divorce or custody case. During this half-hour live stream, I talked about the following:

  • The financial information that must be shared
  • What documents need to be filed with the court
  • What documents need to be given to the other party
  • Why this financial information is necessary

Plus, I share the secret for how to get divorced or complete a custody case for less than $500!

Watch the replay below!

For legal help with your divorce or custody case at an affordable flat rate in Colorado, schedule your consultation today.

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This website includes information about legal issues and legal developments. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You should contact an attorney for advice on specific legal problems.

Lauren Lester is an affordable family law, estate planning, and probate lawyer licensed in Colorado.