Denver Probate Alternatives Lawyers
Not all Colorado estates are required to go through the probate process. Additionally, many assets of the estate can be transferred to heirs outside of probate. Understanding these various alternatives is important for those who wish to simplify the settlement of a family member’s estate without facing the time, expense, and stress of court intervention, hearings, and wait times.
The Osterman Law Firm can provide you with the information and guidance needed to handle estate matters through probate alternatives. Our legal team is comprised of attorneys who do nothing else but resolve estate issues, provide advance estate planning, and advise executors or personal representatives in settling estates through Colorado’s various probate procedures.
Alternatives to Probate in Colorado
Various ways exist to avoid the full probate process; these include alternatives for small estates, estate planning that allows you to avoid probate, and other methods of transferring assets to heirs.
These include:
- The probate process for small estates. Estates totaling less than $70,000 in personal property (no real estate) can be settled with a court-approved affidavit.
- Revocable living trusts. You can transfer the title of your assets to the trust, manage them as the trustee while you are alive, and have them transferred to your heirs and beneficiaries by your successor trustee upon your passing. These assets then avoid the public probate process and become available to your heirs much faster. This is done through estate planning.
- Joint ownership. The property you own in a joint tenancy with your spouse, family member, or another person will automatically pass to the survivor upon your passing without having to go through probate. This applies to real property, bank accounts, cars, and other valuable assets.
- Payable on Death (POD). POD designations can be set up for bank accounts, certificates of deposit, and other financial accounts. You remain in control of the account while alive. Upon your passing, your POD beneficiaries have a right to whatever is in the account without having to go through probate.
- Transfer on Death (TOD). TOD designations can be established for stocks and bonds. Registering an account in TOD allows your beneficiaries to automatically inherit the account upon your passing without the need for probate.
- TOD for real estate and vehicles. You can set up TOD deeds to allow your beneficiaries to take over the named property upon your passing. You can also register your vehicle with TOD allowing your beneficiary to automatically inherit it upon your passing.
Contact The Osterman Law Firm by calling (303) 500-8633 to book a confidential consultation with a Denver probate alternative attorney today.
Understanding Probate
Osterman Law is here to help
The Osterman Firm can help you in making the correct arrangements to establish the above probate alternatives that best suit your needs. Our firm focuses its practice exclusively on estate matters and has helped thousands of Coloradans with legal and affordable ways to avoid the costly and time-consuming probate process where available.
These alternatives must be put into place in advance; we can help you make the proper moves to ease the transfer of assets at a time when your family will need it the most.
