Colorado Inheritance Loans and Probate Advance Law
The purpose of probate laws is to ensure that a person’s wishes for their property are carried out after their death. These laws and the process can be quite complex. Every state makes its own laws for this process, and it is important to know how long you have to file probate, what actions must be completed and what property will need to go through probate.
What are Colorado Probate Laws?
Probate is simpler in Colorado than in many other states, which means that the majority of them do not require court supervision. There are multiple options for probate, including informal and formal probate and an affidavit. For the least difficult process with the use of an affidavit, no real property may be involved, and assets must be valued at under $50,000. Regardless of the type of probate your estate qualifies for, an experienced Colorado inheritance attorney can be a valuable resource. They can help you determine which type of probate is right for your situation and assist you in completing the documentation within the required deadlines. An attorney knows the current laws and can protect the heirs to the estate. You may be limited to the amount of time you have to probate the estate, and you do not want to fail to follow the correct procedures.
What is the Probate Process in Colorado?
There is a process which must be followed to probate an estate in Colorado. It is similar to what would be done in other states, but the timelines and specific steps may vary.
- The will of the deceased must be filed with the court within ten days of the person’s death. Even if probate is not necessary, this requirement must be met. A petition for probate is also filed. If the estate will be handled by affidavit, the form must be signed and notarized.
- The court will appoint an executor or personal representative for the estate.
- The executor will notify the local newspaper of the notice for probate. Known creditors must also be notified.
- The executor will create an inventory of the assets for the deceased. They must also provide the individual and collective value of all assets and keep records of any transactions.
- The executor will pay all creditors and then conduct a second inventory of what remains in the estate. They may open a bank account for the estate, but all accounts must be consolidated before the case can be closed.
- The executor transfers assets to the heirs of the estate.
- The executor takes care of all utilities and prepares the final tax returns.
Informal probate is a type used for most estates with assets over $50,000 as long as there is a will and it is not being contested. If there are parties who contest the will, formal probate must be followed, which means greater supervision by the courts. The executor or personal representative does not control or own the assets of the estate. They are obligated to act prudently and fairly and follow the requirements of the will and state law.
What Property Will Go Through Probate in Colorado?
Not all property must be put through probate in Colorado. If the estate is valued at less than $50,000, probate may not be necessary. It is possible for other estates to avoid probate if they were set up as living trusts. In this case, the trust disburses the assets to the beneficiaries without the need for probate. Certain types of contracts may not need to go through probate. For instance, a life insurance policy with a named beneficiary would automatically transfer to them at the time of the policyholder’s death. Bank accounts and other assets that have a beneficiary named as payable upon death do not always need to go through probate. Property such as real estate and automobiles might transfer to a second owner if they were held in joint ownership.
How Can You Avoid Probate in Colorado?
If you prepare ahead of time, you can avoid having your estate go through probate in Colorado. This is beneficial to your heirs because probate can be costly with fees and court costs, which must come out of the estate. If the estate is not large enough to pay for these costs, the executor or beneficiaries may be left with the financial responsibility. Probate can also be a lengthy process, which can last for months or even years. A living trust will avoid these complications because the assets transfer to new ownership automatically upon the death of the person.
How Can You Access Colorado Inheritance Funds Immediately?
You can gain access to your inheritance funds immediately, even before probate is completed. Some beneficiaries may qualify to receive the funds almost immediately with an advance. The process to receive the cash advance is simple and will not take more than a few days. There are also no limits on what you can do with the money received. ProbateAdvance allows you to receive the funds from your inheritance right away instead of waiting for probate to be completed. You do not pay any hidden fees, and there are no payments or interest on the money. You do not need to worry about your credit history, and you may receive the money in as little as two days.
Do You Qualify for an Inheritance Cash Advance?
You can learn very quickly whether you qualify for a cash advance on your inheritance. You just need to provide documentation proving you are a beneficiary to the estate. You can use the money in any way you choose and get access to the funds in as little as two days.
What Do You Need for a Probate Advance in Colorado?
You must show information to prove your status as an heir of the estate. You will make a determination of how much of the inheritance funds to receive upfront and provide your bank account where the money will be deposited in as little as 48 hours.
What Parts of Colorado Qualify for an Inheritance Loan?
We provide inheritance loans throughout the state of Colorado, including the following cities:
- Colorado Springs
- Fort Collins
You can find out more about probate laws in Colorado with the following resources: Colorado Probate Resources
Colorado Inheritance Tax Laws