Add Checkbox Fields Legal Colorado Small Estates Forms For Free

For these reasons, many people seek strategies to avoid probate. In Colorado, there are several legal methods available that can help you bypass the probate process, including creating a living trust, owning property jointly, designating beneficiaries and filing a small estate affidavit.

However, small estate affidavits are meant to offer a simple alternative to probate, and many people may use them to claim property quickly and easily without having to involve a probate lawyer.

Small Estate Probate Proceedings in Colorado The answer is undoubtedly because it is cheaper and quicker. To qualify for a small estate probate in Colorado, the estate must not contain any real property (i.e. land, homes, buildings, etc.) and the decedent's personal property must be less than $74,000 (As of 2022).

Avoiding the probate process Joint tenancy ownership — If you have assets such as bank accounts or a home or vehicle, adding one or more names to the account or title will allow that individual (or those individuals) to take full ownership of the asset after your death without having to undergo probate.

Opening an estate formally is required when there is a dispute over the will, who should inherit, or who should serve as personal representative. Formal probate requires that all heirs and beneficiaries receive notice of the documents filed with the court and be given an opportunity to object or respond.

Understanding Probate in Colorado In 2024, Colorado estates valued over $82,000 or containing real estate must go through probate. Smaller estates, typically under this threshold, may qualify for a simplified process that allows for quicker asset distribution without court supervision and with fewer costs.

Most large or complex estates must go through formal probate, but smaller estates may qualify for an expedited process called summary administration. In Colorado, using summary administration requires filing a collection of personal property affidavit.

Someone who dies may have only ?non-probate? assets. ?Non-probate? assets include: anything with beneficiaries listed, such as life insurance or retirement accounts, bank or investment accounts with POD or TOD beneficiaries (payable or transferable on death), or assets owned in joint tenancy.

As described above, ?probate assets? are generally administered in one of three ways: 1) through the use of an affidavit if the total probate estate assets are less than $50,000 and there is not any real property; 2) through a informal probate procedure; or 3) through a formal probate procedure.