Formal Probate

Formal probate can be a complex and lengthy process in Colorado, particularly when disputes arise or the estate is complicated. The formal process provides a measure of security and finality that you will not get through the informal process, so it is a good idea to review the advantages and disadvantages of each process with an estate administration attorney before deciding how to proceed. 

At Jones Law Firm, PC, we work to make the formal probate process manageable for you. We can guide you through each step with care, and in many cases, we can manage certain tasks directly on your behalf so that you can focus on family and other matters during this challenging time. 

What is Formal Probate in Colorado?

Traditionally, the term “probate” describes submitting a will to court to ascertain its validity, but when people discuss probate, they are generally referring to all the duties that come along with the process of administering an estate after someone has passed away. The estate consists of all the assets and debts left behind, with the exception of property that is set up to pass directly to a co-owner or beneficiary, such as retirement accounts with a beneficiary clause. 

Colorado law offers the option of both formal and informal probate processes. While both involve many of the same actions, the formal process includes more court supervision while the informal process has very minimal supervision. The informal process can be easier and faster, but if a creditor, heir, or other interested party disagrees with the way the process was handled, they may be able to file a legal challenge. 

In the formal probate process, the court has authority to supervise particular steps during estate administration, which can make the proceedings more lengthy and complex. As a practical matter, however, courts are often too busy to supervise many aspects of the process unless someone files an objection and requests a hearing regarding a particular issue. 

For instance, after the personal representative files an inventory of the estate, the court may not review it unless an interested party claims that items are missing. If someone files an objection, then the court will hold a hearing on the issue, but once that is resolved, then the process is likely to continue without direct oversight of the court. 

When to Use a Formal Probate Process

The time when the probate process is most often contested is when the estate is about to be closed and assets will be distributed to beneficiaries. If you anticipate a potential challenge from an heir or beneficiary, it is wise to hold a formal closing process for the estate even if probate was started with the informal probate process. 

Formal probate is required in some situations.  For instance if you don’t have the original version of the deceased person’s will but only a copy, then you need to use the formal probate process. 

Tasks That Occur During the Formal Probate Process

The requirements of formal probate will vary somewhat depending on whether there is a will and the type of property owned by the deceased person. At Jones Law Firm, PC, we can explain the precise tasks that will be required in your situation, but here’s a general overview of the process:

• Filing a Petition for Formal Probate: The process begins with filing a petition for formal probate with the probate court. This includes submitting the deceased’s will (if there is one) and other necessary documents.
• Appointing the Personal Representative: The court appoints a personal representative (executor) to manage the estate. This individual is often named in the will or, if no will exists, appointed by the court based on a priority list set by Colorado law.
• Notification of Interested Parties: The personal representative must notify all heirs, beneficiaries, and creditors of the probate proceedings. This notification must include information on how to contest the probate if necessary.
• Inventory and Appraisal of Assets: The personal representative is responsible for identifying, inventorying, and appraising the estate’s assets and filing an accounting with the court..
• Payment of Debts and Taxes: The personal representative uses the estate’s assets to pay off any outstanding debts and taxes. Some debts will have a higher priority than others, so it is important to handle this step carefully to avoid future complications.
• Court Hearings and Supervision: Unlike informal probate, formal probate may involve court hearings where the judge oversees the administration process. This includes reviewing issues regarding the validity of the will, the assets included in the estate, how debts and taxes are being paid, the identity of beneficiaries or heirs, and how assets are distributed.
• Distribution of Assets: After debts and taxes are paid and outstanding issues resolved, the personal representative can distribute the remaining assets to the beneficiaries or heirs.

Jones Law Firm, PC Protects You During Formal Probate in Colorado

At Jones Law Firm, PC, we have extensive experience guiding families through the formal probate process in Colorado, as well as situations where a proceeding started informally needs to transition to a formal process. Our compassionate and knowledgeable team is dedicated to providing the support you need during this difficult time. We ensure that the estate is administered in accordance with the law, taking the burden off your shoulders. 

To find out which probate process is right for your situation and to get started with estate administration, contact Jones Law Firm, PC at 720-513-5983 or online. Our experienced team is ready to assist you with all your probate needs.