How Long Does Probate Take in Colorado?

Probate can take six months to a year in Colorado, depending on the complexity of the estate. The size of the estate, the clarity of the will, and whether it’s a formal or informal probate case can all influence how long the process will last. While some estates may be settled relatively quickly, others may encounter delays due to contested wills or the need for asset appraisals.

If you want to avoid probation, a financial advisor can work with you to develop an estate plan for managing and distributing your assets.

Understanding Probate in Colorado

Probate is a legal process that settles the estate of a person after they die. This typically begins when the personal representative or executor files a petition with the court, asking to be appointed to manage the estate. Once appointed, the personal representative is responsible for gathering the estate’s assets, paying creditors and distributing the remaining assets to heirs.

Formal vs. Informal Probate

Formal probate is typically used for more complex estates or when there are disputes among heirs. It requires court supervision and the personal representative must seek court approval for major actions.

Informal probate is a quicker process used when the estate is straightforward and uncontested. In Colorado, both formal and informal probate must remain open for at least six months, which allows creditors sufficient time to file claims against the estate.

Small Estate Procedures

For smaller estates in Colorado, a simplified procedure can be used if the total value of the estate is less than $82,000 and no real property is involved. This process allows the heirs to skip formal probate by submitting a small estate affidavit.

How Long Does Probate Take in Colorado?

Informal Probate Timeline

For informal probation, the process can take around six months to a year. After the six-month creditor period has passed, the personal representative can begin distributing assets to heirs, assuming the estate is uncontested and straightforward. Informal probation generally moves faster due to limited court involvement, but it must stay open for the required six-month period.

Formal Probate Timeline

Formal probation usually takes longer. The minimum six-month period still applies, but formal probate can extend well beyond that, especially if disputes arise or if there are complex assets that need to be appraised or sold. The average formal probation case takes anywhere from nine months to two years, although there are examples of some probate cases making their way to the Colorado Supreme Court and taking three years or more to resolve.

Small Estate Timeline

For estates handled through the small estate affidavit, the timeline can be much shorter, as long as no court involvement is necessary. There’s a 10-day waiting period after the death certificate is filed but, once that passes, beneficiaries can get a small estate affidavit notarized and begin to collect assets from banks and other institutions.

Factors That Can Prolong Probate in Colorado

There are many factors that can prolong the probate process, including:

• Contested wills: Challenges to a will’s authenticity, assurance of undue influence or questions about the deceased’s mental capacity can all lead to extended court proceedings.

• Disagreements between heirs: If beneficiaries disagree over how assets should be divided, the probate process can be delayed while the court resolves the disputes. This is especially common when there is no clear will or if the will’s provisions are contested.

• Asset valuation or appraisals: Estates with complex or high-value assets, such as real estate or investment portfolios, may require additional time for appraisals or valuations.

• Unsettled debts or creditor claims: Resolving creditor’s claims against the estate can prolong the process, especially if disputes arise over the validity of the claims.

• Out-of-state assets: If the deceased owned property or assets in states other than Colorado the additional legal processes may add to the time it takes to complete probate.

How to Avoid Probate in Colorado

There are many different estate planning strategies available to help you avoid probate in Colorado. One effective strategy is to use a revocable living trust. By placing assets into this trust, the assets are owned by the trust, allowing for distribution to beneficiaries by the trustee after the grantor’s death without the need for court involvement.

Another approach is to establish joint ownership with the right of survivorship. When property is held in this way, the surviving co-owner automatically inherits the property upon the death of the other owner, bypassing the probate process.

Designing beneficiaries on financial accounts is another practical option. Many accounts, including retirement plans and life insurance policies, allow holders to name beneficiaries. This will allow assets to transfer directly to them after the account holder’s death and avoid probate entirely.

You should also note that Colorado permits the use of transfer-on-death (TOD) deeds for real estate. This is another estate planning strategy used to pass property directly to a named beneficiary upon the owner’s death.

Finally, a probate lawyer can provide additional insights on this process.

Bottom Line

Probate in Colorado can take a minimum of six months to complete. But, the type of probate and complexity of the estate can impact how long the process will last. Small estates, for example, can undergo a simplified process, if the value of the estate falls beneath the established limit. And, using common estate planning strategies like creating a will, a trust, or designing beneficiaries can also help your beneficiaries bypass probate.

Estate Planning Tips

• A financial advisor could help you create a plan to manage your estate. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

• If you want to save some money and create an estate plan on your own, here are some common pitfalls that you should avoid.

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