Q. What is Probate?
A. A court procedure that moves assets from the deceased’s ownership to the beneficiary’s ownership.
Q. Do I need to open Probate for my deceased loved one.
A. Colorado law does not require probate to be opened for every death. Even those that do require probate can typically be handled informally, which enables the process to flow quicker and avoids court appearances. Call for a free consultation to determine if a Probate needs to be open. Remember though, whether or not probate is opened, a Will must always be lodged with the court.
Q. How long does Probate take?
A. An informal probate takes approximately six months. Formal probates take longer because there are hearings involved. The length of time depends on whether parts of the probate are contested and how many hearings are necessary.
Q. Should I gift some of my assets to my loved ones prior to my death in order to avoid Probate?
A: This depends. If you require long-term care at a nursing home, you can disqualify yourself from Medicaid by making a gift within five years of applying for Medicaid. If you have to enter the nursing home as private pay, the cost is between 5,000 and 10,000 a month. Also you could subject your estate to paying gift taxes on these gifts made. Call for a free consultation to discuss options.