Colorado Probate | Inheritance Advances in Colorado

If you’re an heir set to receive an inheritance from a loved one, you may hear warnings about probate court and the legal process necessary to get your money. This process can take several months or more and cause frustration during an already difficult time.

With Inheritance Funding, you can pocket your inheritance money without the extended wait. We help you access a portion of your inheritance right away so you can use it when you need it, for whatever you want. IFC has been a trusted inheritance advance provider since 1992, making us your reliable inheritance solution.

Is Probate Required in Colorado?

Colorado requires probate, but the process depends on how the assets are owned. Certain assets do not have to go through probate, including:

• Jointly owned assets: Any property held in joint tenancy will automatically pass to the joint owner.
• Property with a payable-on-death provision: Accounts with a payable- or transferable-on-death designation can avoid the probate process since they will transfer to the beneficiary after the decedent’s passing.
• Accounts with a named beneficiary: Life insurance, retirement accounts and various other assets can have a named beneficiary who will automatically receive the asset instead of waiting for the probate process.
• Assets held in a trust: Any asset placed in a revocable living trust will transfer to succeeding trustees and beneficiaries without probate.

How Long Is the Colorado Probate Process?

While probate may seem straightforward, this procedure can be anything but smooth sailing. The Colorado probate timeline is long and complicated — it may even include hindrances that push things back a few months to multiple years. These delays make it impossible for inheritors to access their money promptly.

Some other factors that can affect the probate process include the complexity and value of the estate. The types of assets, the presence of creditors and the quantities of assets can all affect how quickly one can complete the probate process.

For example, if the decedent owned real property, this can impact the length of probate. If the deceased’s properties were in multiple locations, each one may need to undergo a separate probate process, which can add time and a layer of complexity.

If the decedent owned a business, this can also extend the probate process. For instance, the executor will need to value the business, transfer ownership or sell the business, which can require additional time and legal expertise. With so many factors at play, it is hard to predict a standard timeline for the probate process. Generally, it takes at least six months to complete probate. However, most estates undergo a longer process.

Types of Probate in Colorado

In Colorado, there are three types of probate for estates and wills. While the goal is the same, the process varies depending on the type and value of the deceased’s estate:

• Small estates: Those estates valued under $70,000 and with no real property will undergo the small estate affidavit.
• Informal probate: In cases where the will is not likely to be contested, the court will monitor the probate process without getting too involved.
• Formal probate: If an estate is larger, complex or likely to be contested, the probate court will closely supervise and handle the process.

How Much Does Probate Cost in Colorado?

The final cost of the probate process in Colorado will vary based on the estate. Some expenses individuals generally encounter during the probate process include:

• Filing fees
• Attorney costs if you use a probate attorney
• Executor fees
• Professional fees for accountants, land surveyors or appraisers

If the court decides it’s necessary, you may also have to pay a probate bond. A probate bond is a court bond that acts as a guarantee that the executor will complete probate according to state laws. The value of a probate bond can vary depending on the estate’s value and future income.

How to Determine Next of Kin in Colorado

If someone dies without a will in Colorado, they die intestate. In this case, the state of Colorado will decide who is next of kin to distribute the decedent’s inheritance. Colorado’s intestate succession laws are as follows based on who survives the deceased:

• Children only: The children inherit the entire estate.
• Spouse only: The spouse inherits the estate.
• Parents only: The parents receive the entire estate.
• Siblings only: The siblings inherit the estate.
• Spouse and children from the decedent and that spouse: The spouse inherits the entire estate.
• Spouse, children from the decedent and that spouse and children from the spouse’s former relationship: The spouse will receive the first $225,000 of the estate and half of the remaining assets. The children will inherit the other half of the assets. The children from the spouse’s former relationship will not inherit.
• Spouse and children from the decedent’s former relationship: The spouse inherits the first $150,000 of the estate and half of the assets. The children receive the remainder of the assets.
• Spouse and parents but no children: The spouse receives the first $300,000 of the property and ¾ of the assets. The parents receive the remainder of the property.

Steps to Settling an Estate in Colorado

After filing for probate, you will need to complete the following steps according to Colorado law:

1. File a petition: The probate process begins with formally filing a petition with the court within a few weeks of the decedent’s death.
2. Notify heirs: The court-appointed personal representative will notify all heirs and creditors of the decedent’s death.
3. Complete inventory and appraisal: The personal representative will then complete an inventory of the decedent’s assets and determine their value.
4. Pay all debts and taxes: Before distributing assets to heirs, the personal representative will pay all debts and taxes using the estate.
5. Distribute assets to heirs: After paying all debts and taxes, the personal representative will distribute the remaining money to the heirs.
6. Close the estate: The personal representative will prepare a final account of the estate and submit it to the court to close the estate officially.

Does Colorado Have an Estate Tax?

No, there is no estate tax in Colorado. There is also no inheritance tax in the state. However, depending on the estate’s value, heirs may be responsible for federal estate taxes.

Is There a Faster Way to Get My Inheritance Money in Colorado?

Heirs are often surprised at probate’s complexity and the setbacks that come with it. Most inheritors expect to collect their cash fast — and why wouldn’t they? Your inheritance legally belongs to you, though probate complicates the process. However, what people don’t realize is that there is a surefire solution for getting your money immediately.

With a probate advance, you can access a significant portion of your inheritance without the wait. At IFC, we’ve perfected the cash advance process, making it as simple and straightforward as possible. To start, you’ll provide us with some details regarding your inheritance and how much cash you need right away. Then, you’ll fill out some quick forms, and your part is over. We’ll wire your money to you right away so you can use your inheritance instantly.

How Can I Get My Inheritance Early?

At Inheritance Funding, our reach extends to heirs throughout Colorado and beyond. You may qualify for a probate advance no matter what county you live in. Some areas we cover include:

• Denver County
• Arapahoe County
• Adams County
• El Paso County
• Jefferson County
• Larimer County
• Douglas County
• Weld County
• Boulder County
• Pueblo County
• And all other counties!

Our Colorado Inheritance Advance Process

IFC is here to serve you, including helping you avoid the tediousness of the probate courts and collect your inheritance fast. After you join us for your free initial consultation, we’ll walk you through our easy four-point process before sending you cash that same day.

We do our best to provide heirs like you with the most reliable inheritance advance services in Colorado, offering many exclusive advantages you can’t get anywhere else:

• Lowest prices: If you’ve received offers from another company, we’ll give you an even lower rate.
• Money without limits: You can use your money however you want with no strings attached.
• Cash without credit checks: We’ll never use your employment history, income or credit score to deny you an advance.
• Fast and convenient process: You can get your money right away using your mobile device.
• Zero hidden expenses: We’ll never spring unexpected fees on you, and our services won’t affect other inheritors from the estate.
• No repayment required: We aren’t a probate loan service, which means you won’t be responsible for repayment.

Avoid Probate Court With Inheritance Funding Company

With a probate advance from IFC, you don’t have to wait for the probate process to end — which may take months or years. We make the inheritance process easy with low rates, fast payment and high satisfaction for heirs nationwide.

Contact us to get a free quote today!