Do I Have to Go Through Probate?

Author

Morey Law, PC

Posted on

Mar 15, 2023

Book/Edition

Colorado - Colorado Springs

The answer, of course, is: “It depends.” A loved one death is always a difficult time, so, first things first, take a deep breath. There is usually nothing that needs to be done immediately so spend a little extra time with your family and friends.

Having a will or not having a will is not the determining factor of whether probate is required. The determining factor is what type of assets the decedent had and how those assets were owned.

Here some of the most common assets:

·         A home: real estate will generally go through probate unless there is a joint owner, it is in a trust or there was a recorded beneficiary deed. The value of the property does not matter.

·         Bank Accounts/Investment Accounts/IRAs: These all work the same. Should the account have a joint owner or a beneficiary, the account will not need to go through probate. The beneficiary or joint owner will just need to contact the financial institution with a death certificate, fill out their required paperwork, and the institution will pay out the money directly to the beneficiary.

o   If there is no joint owner or beneficiary, and the account value is under $74,000, you may still be able to avoid probate with a Small Estate Affidavit. You can find it online by searching “Colorado JDF 999 and 998”.

o   If you are not the beneficiary or joint owner the financial institution will likely not talk to you. 

·         Vehicles: This includes cars, boats, RVs and some mobile homes. Visiting the DMV with a will and a death certificate will typically allow the vehicle to be retitled without probate.

As we can see, what matters is what the assets are and how they were owned. Good luck and remember to just take it one asset at a time.


Editor’s Note: This article was submitted by Ryan N. Morey, an estate planning attorney at Morey Law, P.C. who may be reached at (719) 465-4324 or info@moreylawpc.com.

Other Articles You May Like

Probate - When Someone Dies #5

 Coping with the loss of a loved one is difficult. We hope this information will help you focus on what you need to do and what you may wish to delegate to friends and family. This brochure will provide you with some basic information on what you may need to know in the first few days following a death. You should establish an early relationship with your attorney to assure that all matters are properly addressed. Seeking your attorneys advice before you act may avoid more costly legal services later.Take Care against Unethical PersonsIn the period following the loss of a loved one, be careful before accepting any telephone or mail solicitation. Carefully scrutinize invoices for validity, as it is possible to receive fraudulent invoices. Avoid lifestyle changes for a period to allow for reflection on how the loss will affect the surviving family and friends.Avoid Immediate Collection of BenefitsAvoid transferring title to assets or making claims as a beneficiary until considering whether either a tax or non-tax reason exists for refusing to receive an asset. Even though the account executive wants to be helpful, you may lose an important tax advantage if you accept an asset. An attorney can help you find the best approach.Veterans Benefits and Social SecurityThe mortuary may assist you with the paperwork for both VA and Social Security benefits. For information on VA benefits, call the nearest VA listing for Benefits Information and Assistance.  For Social Security benefits, call the Social Security Administration immediately. Call (800) 772-1213. Be prepared to identify the deceaseds: relationship to you Social Security or VA claim number date of birth date of death place of death surviving spouse or next of kin medical history that bears on whether the death is service related or notIf you do not know the VA number, then provide: service number dates of active serviceYour call will stop the monthly payments. Usually, the VA will automatically withdraw any payments made via direct deposit after the date of death. If this does not happen, you must return the check for the month of death.Social Security monthly benefits are available to the surviving spouse and to children under 18 and certain disabled children. Benefits include a lump sum death benefit. Ask for the Social Security Survivors brochure.Veterans benefits may be available to the surviving spouse. Benefits may include a lump sum death benefit; if death was service connected, a continuing monthly payment to the surviving spouse, and financial assistance with funeral expenses and cemetery plot, or burial in a national cemetery.  Ask for the Federal Benefits for Veterans and Dependents publication.Our office has helped many grieving families and friends with the difficult matters that need to be handled after a loved one's death.  We understand the pain of the loss can make these matters extremely stressful and we try to assist in a way that alleviates some of the pressure.

Tips to Help Seniors Find New Hobbies

Retirement offers a unique opportunity for seniors to enrich their lives by exploring new passions, hobbies, and interests. However, in some cases, health challenges and mobility limitations can create barriers to pursuing these activities. In these situations, the experienced in-home senior care providers at Gentle Shepherd Home Care in Colorado Springs can help.Our caregivers understand the importance of fostering engagement and independence for seniors and strive to assist them in discovering and pursuing new hobbies and passions.7 Hobbies to ConsiderBelow, we will explore 7 hobbies that seniors should consider pursuing in retirement:Consider Past PassionsMany times, past passions can provide valuable clues to what may bring joy in the present. Consider activities enjoyed in the past. Is there a hobby that was once loved but never had the time to pursue fully? Revisiting these interests can reignite passions and provide a sense of familiarity in trying something new.Explore CreativityWhen it comes to creativity, there is no such thing as an ae limit. Consider pursuing artistic pursuits such as painting, photography, pottery, writing, and more. Many communities have a senior center that offers classes tailored to seniors, providing a supportive environment to nurture creative talents. In addition to providing mental stimulation, these activities also offer a therapeutic outlet for self-expression.Physical ActivitiesPhysical activity is critical for maintaining overall health and well-being, especially as we age. Consider exploring a variety of exercises that cater to personal interests and physical capabilities such as yoga, dancing, tai chi, swimming, and more. These activities can help seniors stay active and energized. In addition, group classes and/or clubs can foster a sense of camaraderie while staying fit.Volunteer ActivitiesVolunteering is a great way to give back to the community, while also staying socially engaged. Consider volunteering with organizations that align with personal interests and values. Regardless of passions, there are plenty of organizations within the community that are looking for volunteers. Volunteering offers a variety of benefits including providing a sense of purpose and fostering meaningful connections.Embrace LearningLearning should be a lifelong pursuit. Consider exploring educational opportunities such as attending lectures, joining discussion groups, enrolling in online courses, and more. In some cases, local community colleges and universities offer special programs for seniors to expand knowledge in areas ranging from history and literature to science and technology.Connect with NatureSpending time outdoors can provide a variety of physical and mental benefits. Consider connecting with nature through activities such as gardening, birdwatching, nature photography, and more. Check with the local community center to learn about nature clubs and organized outings to explore the local parks, botanical gardens, and trails with others who share the same passions.Cultivate Social ConnectionsBuilding and maintaining social connections through retirement is critical for overall well-being. Look for opportunities to connect with others who share the same passions. Join groups within the community that are tailored for seniors. In addition, consider attending community events, cultural activities, religious gatherings, and more to connect with others and forge meaningful relationships.How Gentle Shepherd Home Care Can Help Seniors Find New HobbiesThe in-home elderly care experts from Gentle Shepherd Home Care in Colorado Springs can help seniors find new hobbies. We understand that everyone is unique and take the time to get to know our clients to provide personalized support and companionship, as well as encouragement and motivation. In addition, we can help seniors research and access community programs, classes, and events that align with their interests. Contact us today to schedule your care assessment with one of our highly skilled caregivers.

Home Care for Independent Seniors

Most seniors today prefer to remain in their own home for as long as possible. They dont want to give up their independence by moving in with family or into an independent living facility. This is known as aging in place and can be a viable option for seniors who need little to no assistance with activities of daily living.In-home senior care services from Gentle Shepherd Home Care in Colorado Springs can make this possible. Our caregivers are trained to handle an array of elderly care services from companionship to meal prep to medication reminders to transportation and more.In this article, well explain some of the benefits of in-home care for independent seniors.Who Needs In-Home Care Services?Gentle Shepherd Home Care offers a variety of in-home care services for all ages and needs. However, most of the time, patients who need home care are elderly. If youre unsure if your loved one needs in-home care, consider the following questions:Does your elderly loved one hear the phone when it rings?Do they understand how to safely store food and toss it when it has gone bad?Are they able to cook and clean up after eating?Are they attending social/family gatherings?Can they do their own laundry?If the answer to any of these is no, your loved one may benefit from in-home care.4 Benefits of In-Home Senior CareWhile it can be difficult to accept, nearly everyone will require some type of assistance after the age of 65. If the thought of moving in with relatives or a nursing home/assisted living facility is unappealing for your loved one, in-home senior care can help them age in place.Four benefits of in-home senior care include:Household MaintenanceThere is a lot of work that goes into keeping a household running smoothly. Caregivers can help stay on top of household chores such as laundry, handyman services, housekeeping, and more. They may also help with financial and healthcare management, as well as appointments and financials.TransportationFor many seniors, transportation is an issue, especially at night. Unfortunately, public transportation is not always safe- especially for elderly people. However, one of the services offered by caregivers includes transportation.Personal CareMany seniors need assistance with activities of daily living including meal prep, bathing, dressing, and more. In-home senior care providers can be in the home to help with these activities.Health CareAging usually brings a variety of health concerns as well. Some caregivers are trained to help with these concerns including taking blood pressure, blood glucose readings, medication reminders, and more. Many times, health insurance will cover a portion of these services.Schedule Your Care Assessment TodayIf you believe that you or your loved one may benefit from elderly care services, schedule a no-obligation care assessment. Gentle Shepherd Home Care offers care services for all ages and needs. We can offer companionship for your loved one, and many of our caregivers are able to provide medical care as needed.

Local Services By This Author

Morey Law, PC

Power of Attorney 5125 Centennial Boulevard, Colorado Springs, Colorado, 80919

Morey Law, P.C. is different from most other law firm; we concentrate on planning rather than litigation.We are firm believers that it is better to do a few things very well therefore we practice exclusively in three areas of planning: Medicaid Planning, Will & Trusts; Business Planning. We also offer free initial consultations.

Morey Law

Trust Management 5125 Centennial Boulevard, Colorado Springs, Colorado, 80909

Morey Law, P.C. is different from most other law firm; we concentrate on planning rather than litigation. We are firm believers that it is better to do a few things very well therefore we practice exclusively in three areas of planning: Medicaid Planning, Will & Trusts; Business Planning. We also offer free initial consultations.

Morey Law, PC

Estate Planning 5125 Centennial Boulevard, Colorado Springs, Colorado, 80919

Morey Law, P.C. is different from most other law firm; we concentrate on planning rather than litigation.We are firm believers that it is better to do a few things very well therefore we practice exclusively in three areas of planning: Wills & Trusts, Powers of Attorney and uncontested probates. We also offer free initial consultations.