Add Lines Legal Colorado Small Estates Forms For Free

For a per- son who died in 2022, probate is not required when the val- ue of their probate assets is below $74,000 and the decedent did not own any real property. The Colorado courts website has additional information and updates. Who are the beneficiaries of an estate?

Each individual has a lifetime exemption from both estate tax and gift tax (see below). This exemption is the value of assets you can give away, throughout your life and after your death, without being subject to federal estate tax. For 2024, this exemption is $13.61 million per person.

In Colorado, a small estate is an estate with a total value of less than $70,000 in personal property and no real property. If the deceased person's assets fall within this category, then their heirs or devisees can collect the assets through a process called a small estate affidavit.

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.

Examining probate avoidance becomes crucial when a loved one passes away, leaving an estate smaller than $70,000 with no real state property. Colorado law recognizes these as “Small Estates”. They qualify for a streamlined legal procedure for asset distribution, without full-blown probate case involvement.

Even with a valid Will your estate may still have to go through probate. Assets subject to probate in Colorado include real estate titled only in the name of the person who died, or other assets they owned if the total combined value is $64,000.00 or more. Someone who dies may have only ?non-probate? assets.

Complete Form JDF 999 and get it notarized. For assistance with filling out the form, click here. This form does not need to be filed with a court, but rather may be shown to those holding personal property that formerly belonged to the decedent. The form endows the holder with a legal right to collect the property.

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).

All wills and intestate estates must be probated. The probate process has been greatly simplified by the Uniform Probate Code, and more than 90% of probates in Colorado are not court supervised.