The process can be very time-consuming, sometimes taking months or even lasting for years.
Local Probate Attorneys You Can Trust
Probate is a complex process, and legal guidance from trusted attorneys can make a major difference in helping things go smoothly.
At MKP Law, our estate planning and probate attorneys in Fort Collins are here to make things easier for you. Depending on your situation and your goals, we can help you avoid the probate process entirely or guide you through every step of it.
What is Probate Court?
Probate describes the legal, court-supervised process of validating the will of a deceased person; identifying, valuing, and distributing their assets; and settling any of their debts.
There are several key steps that make up the probate court process. Firstly, the court will appoint either an executor or a personal representative who is in charge of managing the estate. Then, the deceased person’s assets will be collected and documented, and any outstanding debts will be determined.
After these debts are settled, whatever property still remains will be distributed. If there are named beneficiaries in the will, it goes to them; if there is no will, the estate is then handled in accordance with state law.
Why Avoid Probate?
Avoiding probate can be beneficial for you for an array of different reasons.
It also creates public records containing information about debts, assets, and even the people who will get these assets. This is not ideal for some families who wish to keep things more private.
Further, it can be very costly. The process tends to cost between three and seven percent of the total value of the estate. Because of these reasons, it’s often in the best interest of many people to avoid this process.
Intestacy Explained
When someone passes away without having a valid Last Will and Testament, this is referred to as intestacy.
In this situation, a probate court will distribute your assets in accordance with state laws. They will appoint an executor for you, who will receive money from your estate and divide your property based on guidelines from intestacy statutes.
Unfortunately, this does not always reflect someone’s wishes to the fullest extent, if at all. The court will likely choose close relatives, which can create complications if that does not align with your preferences.
This is exactly why a Last Will and Testament is so important. It allows you to make sure that your assets will be handled in the ways that you want and distributed accordingly. Our Fort Collins attorneys can help you with this to make sure your will explicitly states your wishes.
How Can Our Attorneys Help?
If your family is going through the probate process, probate attorneys can help validate a will, value and transfer assets, and pay outstanding debts. They can answer any questions as well.
However, having a solid estate plan in place can help you avoid this entirely. One primary reason that probate courts exist is to re-title property. When you have an estate plan that lays out a plan for the transfer of titles that are in your name, it can eliminate the need for probate court.
Your plan can include documents that protect your assets from probate court. Property held in trusts, jointly-owned property, qualified retirement plans, life insurance and annuities, and funds held under a pay-on-death agreement are examples of property exempt from probate. Estate planning attorneys can help you to place your assets in a trust, as this safeguards them from your state’s probate statutes. They can also help you set up pay-on-death agreements, restructure ownership, and even help with things like business succession planning if you are a business owner.
Help from MKP Law
When you’re searching for local legal assistance, you’ll want to find a team you can trust. Our attorneys specialize in probate, estate planning, and a range of other service areas, bringing extensive experience and a commitment to each of our clients.
We know that end-of-life situations can be overwhelming to think about, and we’re here to offer compassionate services and professional advice to guide you through estate planning or the probate process. By taking care of things in advance, you can have peace knowing things will be handled in the ways that matter the most to you.
Ready to Speak with One of Our Probate Attorneys in Fort Collins?
Reach out today for more information on how our estate planning and probate attorneys in Fort Collins can help you navigate or avoid the probate process.