Do I Have to Go Through Probate?
Morey Law, PC
Mar 15, 2023
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.
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