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Should Colorado residents try to sidestep probate?

On Behalf of | Jan 14, 2022 | Probate

Some things should be avoided at all costs. That’s the way many Colorado residents feel about probate, and they try to do everything possible to avoid it. Many of them use beneficiary designations or trusts. But do they really understand why they’re so adamant about avoiding it. Chances are, they don’t.

What exactly is probate?

Probate is the legal process an estate must pass through, as assets must go through probate if the deceased has a will or did not have an estate plan. If there is no will, the court will appoint an administrator and the state determines disbursements of assets. Probate is a fairly straightforward process, but there is a lot of paperwork involved, which can take up a serious amount of time. Executors have the option of hiring financial and legal professionals to manage the probate process and pay them out of the estate. Having a trust is not necessarily cheaper since there are administrative costs involved.

Disadvantages of probate

Some people prefer using a trust or other ways to pass assets since they are private while the probate process is public. Probate also means beneficiaries don’t receive their assets until the process is complete, which could take months to more than a year in some cases depending on the complexity of the estate. If the testator was wealthy, probate could be costly, so using trusts of other methods might be the wiser route to take.

Many Colorado residents writing their estate plans may have questions and concerns regarding probate. An experienced attorney is typically the best option to provide this much-needed help and support. One’s attorney can carefully analyze all factors involved to help determine if using certain measures to avoid probate would ultimately prove to be beneficial.

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