The probate process can be nightmarishly complex even on a good day. When you’ve just lost a loved one, navigating probate becomes even more difficult.
However, if your loved one left behind a relatively small estate, you may be able to avoid the complexity, cost, and emotional toll of probate with a process called summary administration. Here’s how to find out whether it’s right for you.
Understanding Summary Administration
Summary administration (sometimes called “summary probate”) doesn’t allow you to skip probate altogether. However, it effectively creates a quick, streamlined probate process that’s much simpler than traditional probate.
Under Colorado law, you may qualify for summary administration if the total value of the estate after debts are subtracted does not exceed the following:
- The exempt property allowance (a specific amount of money that the surviving spouse or children are legally entitled to)
- The family allowance (a specific amount of money given to a spouse and/or children the deceased was supporting)
- The total cost of probate administration
- The medical costs of the deceased’s final illness (if applicable)
- Reasonable funeral costs
Determining the exact value of your loved one’s estate — and whether it exceeds the costs above — can be daunting. Our team can assess your situation and help you decide whether summary administration is the best option.
Summary Administration vs. Small Estate Affidavits
If your loved one left behind a small estate, summary administration isn’t your only option. If your loved one’s estate does not include any real estate and the total value of the estate doesn’t exceed a certain limit (adjusted each year for inflation), you might qualify for a small estate affidavit.
This process skips probate altogether, and the person chosen to inherit the estate only has to sign an affidavit under oath.
How Does Summary Administration Work?
With summary administration, probate can’t be totally avoided, but the process is relatively simple:
- The deceased’s personal representative files a petition for summary administration with the local probate court
- If the court approves the petition, the representative then distributes assets according to the deceased’s wishes
- After distribution, the representative files a closing statement with the probate court
- The representative then gives a copy of the statement to heirs, creditors, and anyone else who might have an interest
This process allows you to skip some of the most tedious steps of traditional probate, like notifying the deceased’s creditors. However, it’s still a good idea to work with a probate lawyer to ensure the estate is properly closed out.
Is Summary Administration Right for You?
The best way to determine whether summary administration is right for you is to consult with an experienced probate lawyer. At Mason Law and Planning Group, we’ve helped countless Colorado families like yours close out their loved ones’ estates. We understand that each family’s situation is unique, and each calls for a personalized solution.
Summary administration is just one option of many, and our team can help you find the best way to finalize the estate and move forward with your lives. Contact us to book your consultation today!