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Real Estate Law

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Why Do I Need a Will?

…maximizing state and federal tax exemptions. Unless these items are spelled out in a will, they could lead to disagreements after a loved one’s death. Even if someone believes that they only have a modest amount of assets or that having a will isn’t “worth it,” I see time and time again in my probate administration work how not having a will leads to lengthy and costly fights among survivors…

Clearing Title When Tenant-in-Common Owner Dies

…property as tenants in common. When property interests are held as tenants in common, a deceased owner’s interest does not pass automatically to other owners upon death. The only way to convey the deceased party’s interest is through a probate proceeding. In a probate administration, a personal representative is appointed by the court, which gives that individual the legal authority to convey the property interest from the estate to the…

When Isn’t Probate Necessary?

…is to make sure that the majority of the client’s property is held as non-probate assets, meaning it will pass to intended beneficiaries without need for estate administration. If most property passes via non-probate means, and any remaining probate property totals less than $60,000, that probate property can be collected and distributed via the Affidavit discussed above, eliminating the need for a probate administration. However, even with the most detailed…

What is Probate Administration?

…“When Isn’t Probate Necessary?” discusses situations where an estate administration may not be necessary to transfer the decedent’s property to rightful beneficiaries. That article is recommended reading before deciding whether to file for a probate estate administration. Our law firm assists and advises personal representatives through all facets of the probate administration process. Colorado law imposes many duties on personal representatives, some of which are not intuitive. Our role is…

Upside Down Homes in Insolvent Estates

…few detrimental consequences to the estate or the decedents’ successors. Yet the foreclosure process typically unfolds over many months, and sometimes takes many years. All other things equal, stakeholders in the estate seek closure and to have the probate estate closed out sooner rather than later. Family members of the decedent also often take pride in avoiding a foreclosure. For these reasons, personal representatives may consider short sales as a…

Joint Revocable Living Trust

…of trust property during his lifetime. At the settlor’s death, property the settlor transferred to the trust during his lifetime is not included in the settlor’s “probate estate” – property administered under a will in a court proceeding. Instead, the trust agreement serves as a “will substitute” for trust property. Typically the settlor’s will is written to “pour over” to the trust any assets left in the settlor’s name at…

Determination of Heirs Proceedings

Determination of Heirs Proceedings: Clearing Title in a Decedent’s Unadministered Property When someone dies, their probate assets are typically distributed through a probate proceeding. However, if a probate proceeding is never commenced, or if certain assets are not distributed through probate, those assets remain titled in the name of the decedent. In order for the decedent’s beneficiaries to convey good title in the unadministered assets to a third party, ownership…

Wills and Advance Directives

…operation of law or by contract upon a decedent’s death must be administered through a probate proceeding. Probate is the process of formally distributing a decedent’s assets that do not pass by operation of law or by contract. A will allows a decedent to direct how their probate property is distributed. Although there are many different types of wills, “simple wills” are generally appropriate where: 1) a decedent’s estate is…

Beneficiary Deed

Co-Author: Miriam Abrams Goodman, Esq. Question: What is a “beneficiary deed” and how are they useful in Colorado? Response: A beneficiary deed is a legal document to pass title to real property to a “grantee-beneficiary” at death, without the need for probate administration. In Colorado, probate can be avoided if the decedent’s estate consists only of personal property with a value not exceeding $50,000.00. If the rest of the decedent’s…

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