Under Colorado statutes, small estates could be eligible for probate shortcuts. These shortcuts will make property transfers easier for the survivors of the deceased individual who owns the estate. Depending on how “small” the estate is, you might be able to transfer property by utilizing only an affidavit, or through the informal probate process.
How to Transfer Property Using an Affidavit
The state enables inheritors to circumvent the probate process entirely in the event that the assets’ value is lower than a specific amount. Inheritors will only have to write a document specifying that she or he is entitled to a particular property. This document is commonly known as an affidavit. Once the institution or individual holding the asset, like the bank of the deceased individual, receives the affidavit along with a copy of the deceased individual’s death certificate, it will release the asset in question. This is, however, subject to a waiting period lasting 10 days.
This affidavit probate alternative is available for individuals in the event that the asset’s fair market value that’s subject to disposition through state intestate succession statute or a will, minus encumbrances and liens, does not exceed $64,000. According to an experienced probate lawyer in Denver, this predetermined amount is modified for inflation and does not include bank accounts payable upon death, properties in living trusts, properties under joint tenancy, as well as other property types that don’t pass through a will.
The Informal Probate Process
Colorado also has an informal or simple probate process applicable for small estates in which an executor could just send a written request and file it with the probate court, requesting to utilize the simple process. If the court approves the request, the executor could allocate the assets without going through all the necessary steps included in the formal probate process.
Basically, an individual could utilize informal probate in the event that the entire estate’s value, minus the encumbrances and liens, doesn’t exceed the personal property’s value held by a decedent as trustee or fiduciary, exempting property allowance, administration costs, family allowance, healthcare expenses related to the deceased’s last illness, and the funeral expenses.
Both the affidavit alternative and informal probate are fairly simple procedures that you could do, with minimal help from probate lawyers. You just have to select which procedure is applicable to the estate and go from there.