Colorado Probate Basics

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Colorado Probate Basics
Different Types of Probate
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Multiple Types
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Are there different types of probate?
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Yes
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In Colorado there are three different types of
probate procedures
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In Colorado there are three different types of
probate procedures small estate, uncontested
estate, and formal probate
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In small and uncontested estates, the procedures
involved are more informal than those involved in
formal probate
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Non-Probate Property
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Will all my property have to be probated?
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No
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Some of your property will pass to inheritors
automatically, and will not involve probate
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For example, a life insurance policy that allows
you to name a beneficiary will not need to be
probated
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Insolvency
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Will all of my heirs inherit?
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If you leave behind more debts than assets, you
leave behind an insolvent estate
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NOT NECESSARILY
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In this situation, your personal representative
will use estate money to pay creditors, and
there may not be anything left over to pay your
heirs
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Avoiding Probate
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Can I avoid probate?
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USUALLY
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You can create different planning tools, such as
a revocable living trust, that will allow you to
avoid probate either entirely, or as much as
possible
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Learn More About Probate in Colorado
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www.ColoradoEstatePlan.com
719-520-1474 303-736-6060