Probate Spreadsheet – Legalization is the legal process that is used to transfer the title of the decedent’s assets to his legatees (recipients named in the will) or heirs (recipients appointed by law). All wills and intestate successions must be legalized, but the degrees of judicial intervention and the complexity range from the simple and inexpensive to complicated and costly.
Do my properties have to be testamentary?
What is the process of legalization?
What are the responsibilities of the personal representative?
What happens if the heirs impugn the process of succession?
When do I have to present my will?
In Colorado there are three types of successions
Small properties (less than $ 50,000 and not real estate).Regardless of whether you have a will upon death, if you have $ 50,000 or less in personal assets (including bank accounts and cash) and without real estate, your legatees or heirs can collect your assets by using an affidavit and not have to open a legalization action through the court. This procedure requires that the legatee or heir collect the assets to swear that they are entitled to it and it will be distributed to the other titled legatees or heirs.
The uncontested states (informal).The informal process is generally allowed when there is a valid or clearly intestate will, it is not expected to be contested, and there is a qualified personal representative ready to be named. The court has a limited role in administration, but ensures that directions in the will or intestate law are followed and provides a place for legatees or heirs to hold the personal representative accountable.
The disputed states and wills invalid or questionable (“formal”).A formal testamentary succession may be necessary for several reasons, including when a will is contested, clear, invalid, or when there are apparent or real significant challenges (ie, heirs of identification, title deed disputes) in the administration. The court may require that the personal representative obtain approval for each transaction or may allow the personal representative to manage the property without supervision.
Both formal and informal validations should be open to the court for at least six months, but full administration of the farm can take much longer.
As described above, inheritance “assets” are generally administered in one of three ways:
1) Complete a Sworn Statement for the Collection of Personal Property, if the total assets of estate successions are less than $ 50,000 and there is no real property.
2) The presentation of an informal testamentary procedure.
3) The presentation of a formal legalization procedure.
The experience of a lawyer is usually necessary to identify what type of probate is necessary, and the scope of the prosecutor’s participation will depend on the complexity of the estate. Even the most well-planned states and well-written wills have costs associated with administration, including court fees, attorneys’ fees, and payment of the decedent’s final expenses and legitimate debts.
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