Probate at Studholme Law Firm, P. C.

probate Probate is the process by which a person's estate is administered after their death. This includes determining the validity of the Will, if one exists, and the payment of administration expenses, debts, and taxes. Once the expenses are paid, the person's assets can be distributed. Certain assets, such as life insurance, IRA's, and some real estate may not be distributed under the terms of the Will. These assets will be administered according to their governing documents.

The distribution of assets depends on whether or not the person died with a valid, existing Will. If so, the person is said to have died testate and the estate will be administered and distributed according to the terms of the Will. If the person died without a Will, they died intestate and the administration and asset distribution will be determined according to state statute. It's important to know that often the intestate distribution is not what the person may have intended or wanted, but in the absence of a valid Will, the statutes govern.

If you are named as a Personal Representative or Administrator, it is a good idea to at least consult with an attorney prior to initiating probate. The attorney can explain to you the process, your responsibilities and the steps that must be taken. Many things you may be able to do on your own, but there are many intricacies that are often best handled by an attorney.

There are two types of probate in Colorado. "Supervised Administration" refers to a process in which the court is heavily involved and is more expensive due to court costs. "Unsupervised Administration" refers to a process in which the court has very little involvement. Which process applies in any given situation depends on many factors including the terms of the Will and whether there are any conflicting interests of family members or other beneficiaries.

If you are involved in a dispute over the way an estate is being administered or the validity of a Will, the assistance of an attorney is certainly required.

Disclaimer: The information contained on this website is NOT a substitute for legal advice and no representations are made as to the accuracy of this information. Individuals seeking individual advice about estate planning and probate are STRONGLY encouraged to obtain legal advice. Many of the terms used herein have a specific legal meaning which may be different from the common usage of these terms.

©2017 Studholme Law Firm, P.C. All rights reserved.