Probate Transfers of Assets

Probate for the deceased’s estate is a process that takes place after your death when your property is distributed, either according to your will or according to the laws of intestacy. During probate, your property is managed by an administrator called a personal representative. Generally, a personal representative handles everything without court involvement. You should appoint a personal representative in your will. If you do not have a will or if your will fails to appoint a personal representative, the court will appoint one for you. Similarly, if you have a minor or disabled adult child and do not have a will or your will fails to appoint a guardian, the court will appoint a guardian for your child. If the court appoints a personal representative or a guardian, the person named may not be the person you would have chosen.

If, at the time of your death, you own real property or if your estate includes personal property valued at more than $50,000, and if these assets do not pass to another through a survivorship interest, then your will must be probated (or an intestate court proceeding must take place) to pass your property on to your heirs. (See Chapter 7, Part II, on survivorship interests.) The probate process usually takes about six to 12 months and is much simpler and cheaper in Colorado than in many other states. However, probate may take longer, depending on the size and complexity of the estate. Regardless of the size of your estate, you should contact an attorney to discuss estate planning and planning for disability.