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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.
Mention estate planning to anyone and most likely they will associate it with avoiding probate. Probate is the legal process of 'settling' the estate of a deceased person, and it can take months, even years, for more complex estates. In Colorado, the average estate spends 9-24 months in probate.
STEP 1: Download and complete your forms. STEP 2: Mail or hand deliver a copy of your forms to all people who have an interest in the estate. STEP 3: File JDF 965 Statement of Personal Representative Closing Administration with the court.
Letters of Testamentary, along with a valid death certificate, usually are enough to allow the Executor to handle all basic financial and formal duties needed to close out an estate. With these documents, an Executor can pay off debts and taxes the estate may owe, and access and close out accounts the decedent owned.
There are deadlines: Probate forms must be filed within 10 days of the death, regardless of whether a formal or informal probate case will follow.
The length of the probate procedure in Colorado can vary depending on the complexity of the estate and whether any disputes arise among the heirs or beneficiaries. However, the process typically takes six months to a year to complete.
Once all the property has been distributed, the liquidator publishes a notice of closure confirming the estate has been settled.
The court may require that the personal representative get its approval for every transaction or may allow the personal representative to administer the estate unsupervised. 2. Will my estate have to go through probate? All wills and intestate estates must be probated.