The Role of a Probate Lawyer in Colorado
Most people understand that creating a will can simplify the process of distributing assets and otherwise handling the estate of a loved one.
However, depending on your circumstances, administering your deceased loved one’s estate may be more complicated than you initially thought. If that’s the case, a probate lawyer may be able to help simplify the process.
What Does a Probate Lawyer Do?
Probate lawyers (also called estate lawyers) work with estate executors, administrators, and personal representatives to help them distribute the deceased’s assets and pay their debts. Depending on the situation, they may play many different roles.
Taking Stock of Assets
Before starting the process of probate, you should have a comprehensive list of the deceased person’s assets. Probate lawyers can compile lists like these and appraise assets if needed.
Filing Necessary Court Paperwork
If a deceased person’s estate goes through probate, several items must typically be filed with the court:
- The deceased’s will
- A full inventory of assets
- A full inventory of liabilities
- The deceased’s death certificate
- A petition for probate
- A notice to creditors
- Real estate deeds
- Bank statements, tax returns, and other financial documents
A probate lawyer can gather all documents and ensure they are filed properly and on time.
Ensuring Debts Are Paid According to State Law
If you’re wondering, “Do I need a probate lawyer?” and your deceased loved one’s debts exceed their assets, the answer is an unequivocal “yes.” If someone dies with more debts than they can pay, the law usually prioritizes some creditors over others. A probate lawyer will ensure debts are paid according to the law.
Paying Estate Taxes
Estate taxes can be confusing to navigate if you don’t have a legal background. These taxes don’t apply to every estate, and even if an estate is taxable, certain assets may be shielded from estate taxes by a trust.
Probate lawyers have a thorough understanding of estate taxes and how they work, and they can ensure all estate taxes are properly handled.
Collecting Insurance Policy Proceeds
In many cases, probate lawyers are responsible for collecting the proceeds from life insurance policies and then distributing them to beneficiaries.
Distributing the Deceased’s Assets
If your loved one has many assets or their assets must be distributed to many different individuals, trying to handle distribution yourself can be overwhelming. Probate lawyers understand how to track down beneficiaries and ensure they receive the assets they’re entitled to.
Handling Asset Re-Titling
If you inherit a house, car, or other significant asset, it must be re-titled in your name. This process can be challenging for the average person to navigate, but a probate lawyer can handle it quickly.
Handling Legal Claims Against the Estate
Often, a deceased loved one’s assets can be distributed without issue. However, if someone believes they should have been included in the will or otherwise has a problem with how the estate has been handled, they may file a legal claim against the estate. If this happens, a probate lawyer can litigate the claim.
Need a Probate Administration Lawyer?
Handling a deceased loved one’s affairs can be incredibly difficult. Fortunately, you don’t have to do it alone. Mason Law and Planning Group has been helping Colorado families navigate probate for nearly two decades. Contact us today to see how we can help!
