We have all heard the horror stories of estates that took
years to settle and cost tens of thousands of dollars in administrative fees
and attorneys fees when CO wills are admitted to probate upon death. In
contested estates, litigation can certainly be costly and very time consuming.
However, most estates do not end up in litigation and are settled quietly
through the probate process.
In many states, probate can be a very lengthy process for
the average estate (8-18 months is not uncommon). In Colorado, however, a
probate estate must be opened at least four (4) months from the time notice to
creditors begins to run in the local newspaper. After this required creditor
period, the estate can be closed once the assets have been collected, creditors
have been paid, and all closing documentation has been filed with the probate
court. Most estates can be closed within about six (6) months. Of course, if
the personal representative must sell a piece of real estate or there is a dispute over a creditor claim, etc., this average time
frame will be extended. But, in Colorado the average probate can be closed in
a reasonable amount of time.
Additionally, court costs for probate vary depending on the
county, but they are quite reasonable. Attorney fees can become quite high in
contested estates or when other complex matters are present, however, attorney
fees must always be reasonable under the circumstances. Some attorneys charge a
flat fee for probate settlement based upon the value of the estate assets,
while others simply take an up front retainer fee and charge an hourly rate for
their services. Often times, an attorney will give clients a choice between the
two. In any case, the fee must be reasonable. Settling
an estate takes time, and if done correctly it does cost money. But, it does
not have to be overly time consuming and it should not be excessively
expensive. Additionally, having properly created Colorado Wills gives your family
clear directions and can reduce the potential delays during estate settlement
period.Â
Comments: 0
CO Wills Myth Number 2- Probate of a Will Takes Years and Will Deplete Most of the Estate Assets
Author: Michael L. Smith Date: September 05, 2014