When a family member or loved one passes away, their estate must go through probate. If you are unfamiliar with the probate process, you are likely to have many questions. Perhaps you have heard that probate is long, expensive and complicated.
Having a basic understanding of probate can help if you are ever involved in probating an estate. While there are various steps and requirements involved, probate is not something to fear.
One common misconception is that an estate does not need to go through probate if the deceased had a will. This is not always true. Estates generally must be probated whether there is a will or not.
What is probate?
Probate is a legal process designed to identify and distribute your loved one’s assets and pay off their remaining debts. The purpose of probate is to legally transfer the title of assets to beneficiaries or heirs and manage any disputes over title.
The first step in the probate process is preparing and filing a petition for probate. This officially starts the probate process.
You must have certain information ready to include in the probate petition. This includes a list of your loved one’s assets and their values, a list of their debts and the names of heirs and beneficiaries.
The administrator or executor
The next step is appointing an administrator or an executor. If your loved one had a will, the administrator or executor would be named in the will. If they did not have a will, the court will appoint an executor. It usually takes a few weeks to a month to file the petition and appoint the administrator or the executor.
Next, notice to the heirs and creditors is given. This is done by the administrator or the executor. The purpose of the notification is to give them a chance to contest the will or file claims against the estate if they are owed money. This usually takes three to four months. Creditors are usually given a specific deadline to file any claims.
Debts and taxes must be paid before any assets can be distributed. This could take a few months to complete, as well, or longer if there are any disputes.
The final step is distributing the assets and closing out the estate. The time this takes varies depending on the number and size of assets and if there are any disputes over who receives the asset.
How long does the total process last?
There are many factors that influence how long the total time required to probate an estate. The general time in Colorado is between 9 months to two years. However, an estate can be probated within six months if deadlines are followed and there are little to no disputes.
If you are serving as an administrator or executor, good organization and communication skills often make the process more efficient. Keep creditors, beneficiaries and heirs involved in the process and up to date. Make sure they know their deadlines.
Keep all legal and financial paperwork organized and in a safe place. The probate process may still seem overwhelming, but preparation and patience go a long way. Remember the goal is to carry out your loved one’s wishes.