Edwards Probate Lawyers

Colorado firm assists with the settlement of estates

When someone dies, their property must be transferred to different owners and any existing financial obligations must be satisfied. Probate is the legal process through which a deceased person’s will is validated, debts are paid and assets are distributed to beneficiaries. Heckman & O’Connor P.C. in Edwards has decades of experience assisting Vail Valley clients who have been designated to settle estates pursuant to Colorado law. While probate can be time-consuming and stressful for those unfamiliar with the applicable standards, we offer skillful, personalized legal guidance so you can avoid mistakes and unnecessary expense while fulfilling the decedent’s wishes. 

What is the probate process? 

You can rely on our attorneys for knowledgeable assistance with every probate-related task, including: 

• Filing the will — The executor named in the will files the document in the Probate Court in the county where the decedent lived at the time of their death. The court then reviews the will to determine if it is valid and appoints a personal representative for the estate (likely the named executor). If no valid will exists, the property will be distributed in accordance with Colorado’s intestacy law. 
• Notifying beneficiaries and creditors — Once appointed, the personal representative must notify beneficiaries named in the will, well as the decedent’s known heirs and creditors, that the will is in probate.
• Addressing disputes — Our firm represents parties when legal challenges arise involving the validity of the will or the administration of the estate. 
• Making an inventory of estate assets and expenses — All assets, including real estate, bank accounts and personal items, must be documented and all expenses must be recorded.
• Paying debts and taxes — Estate funds are used to pay debts owned by the decedent and all taxes owed, including property taxes that accrue during probate.
• Distributing assets — Once debts are settled, the remaining assets are distributed to the heirs according to the instructions in the will or the priority system used in a case of intestacy. 

Probate can take months or even years depending on the complexity of the estate and whether disputes exist. The personal representative should retain an attorney who offers trustworthy guidance and has a deep familiarity with the local court system. 

Estate planning strategies if you want to avoid probate

Due to the expense and hassle associated with probate, many people design their estate planning strategy to minimize the assets that are transferred through this process. There are several ways to shift assets to beneficiaries while bypassing probate, such as:

• Creating one or more trusts — You might opt to transfer some or all of your property into a revocable living trust. This allows you to access those assets for the remainder of your life, while directing that what remains upon your death be distributed to beneficiaries that you name. There also other types of trusts that might meet your particular needs while also providing probate avoidance.
• Establishing joint ownership — When an asset is owned by more than one party jointly with a right of survivorship, the death of one owner means that his or her interest shifts directly to the other owner(s), with no need for probate.
• Beneficiary designations — The probate estate does not include life insurance proceeds or the balances of bank or investment accounts that are payable upon death to someone you name. Likewise, transfer-on-death deeds cause real estate to pass directly to a designated beneficiary.

Along with probate administration, our firm also assists with the creation of wills, trusts and other estate planning instruments so you can craft a comprehensive asset distribution strategy that will accomplish your objectives. 

Contact an experienced Colorado probate attorney 

Heckman & O’Connor P.C. in Edwards advises estate representatives and beneficiaries on a full range of Colorado probate matters. We serve clients in communities throughout the Vail Valley, Eagle, Gypsum, Vail, Avon, Minturn and Leadville. To make an appointment to discuss your particular legal needs, please call 970-926-5991 or contact us online.