There is very little property, do we have to go through probate?  Not necessarily.  If the probate assets of the estate do not exceed
$50,000, less liens and encumbrances, the estate may be administered by an affidavit without going to court.  However, this doesn’
t work when an  interest in real estate is involved.   Under some circumstances, very small probate estates can be closed right away
without giving notice to creditors.

What if there was property that was not put into the living trust? Provided that the probate property that was not held in trust at
the time of death is not real estate and does not exceed $50,000 in value, there is no need to open a probate proceeding.  However,
if  the living trust was not funded and there is a significant amount of property outside the trust, it may be necessary to manage and
coordinate both a probate proceeding and a trust administration at the same time.

What if I have opened a probate in another state and now need to deal with Colorado property?  An ancillary probate can be
opened in Colorado by filing certified copies of the letters and order of appointment from the other state in the appropriate Colorado
court.   The Colorado court  will then authorize the “foreign” personal representative to act.

Our only asset is a home that I owned with my spouse, is probate necessary?  That depends on if the home is owned in joint
tenancy or tenancy in common.  In Colorado all commonly owned property is deemed to be held as tenants in common unless it is
expressly stated in the deed that it is held as joint tenants.  If it is in joint tenancy, then probate is not necessary to transfer the asset
(but a copy of the death certificate should be recorded  in the county where the property is located).  If the home is held as tenants
in common, a probate action is necessary to transfer the deceased spouse’s share of the home to the surviving spouse.
The original will is lost, what do we do now?  There is a presumption that if the original copy of a will cannot be found,  it has
been revoked.  A copy might be acceptable after a hearing.   Or, if the heirs and beneficiaries can all agree, a stipulation can be filed
with the court to accept a copy of the will in leu of the original without a hearing.

I need clarification on what the will means?  Occasionally, a will is encountered that contradicts itself, can be interpreted two
ways, or is incomplete.  Whenever there is doubt about how a will is to be applied, it is best to file a petition for instructions with
the district court, asking the judge to determine what the will means.  The personal representative should not run the risk of
guessing how to deal with a poorly drafted will.

What rights do I have as a surviving spouse?  A surviving spouse may qualify to claim an elective  share of the  augmented estate.
The elective share is determined by applying a statutory formula based on the length of the marriage.  It is capped at 50% of the
augmented estate.  The augmented estate is calculated by applying a formula in the Probate Code, which includes most assets
owned by the deceased spouse, including both probate and non probate assets and some kinds of trust property.  In the alternative,
a surviving spouse is usually entitled to make an exempt property allowance claim of $26,000 against the estate in addition to
whatever he may take under the will.  This claim has priority over most creditors.  A surviving spouse may claim a family
allowance against the estate for support, which also has  a higher priority than most creditor’s claims.  All of these claims are
subject to statutory deadlines.

What protections do the minor children of the decedent have?  Minor children of the decedent are jointly entitled to claim the
$26,000.00 family allowance if there is no surviving spouse. Dependant children may be entitled to claim a family allowance for
support that has priority over most creditors.  These allowances are in addition to whatever other property the children stand to
inherit under the will.  Statutory deadlines apply.
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All Content Text and Images © 2007 by Jon Lewis Kelly, PC
Sand Canyon, Canyon of the Ancients, Colorado
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