On April 20, 2015

Wrapping up our blog series How to Create an Inventory of Assets for Colorado Probate: 8 Steps, here, we will reveal the final steps to take in order to complete this phase of the probate process.

Final Steps in Creating an Inventory of Assets for Colorado Probate

6 – Outline all assets that are not subject to the probate process.

While these steps can help you create an inventory for Colorado probate, contact us for experienced help resolving probate as favorably and efficiently as possible.

While these steps can help you create an inventory for Colorado probate, contact us for experienced help resolving probate as favorably and efficiently as possible.

While this may seem counterintuitive, it is an important step when creating an inventory of assets for Colorado probate. This is because it can come into play if or when any of the beneficiaries, etc. question why certain assets were not probated.

Such non-probated assets, which are generally distributed according to pre-established legal relationships/contracts, can include (but are by no means limited to):

  • Homes owned by a decedent and a surviving spouse
  • Joint bank accounts (held by a decedent and another party)
  • The assets held within trusts
  • Life insurance policies and/or investment accounts with designated beneficiaries.

7 – Have all non-cash assets subject to probate appraised.

For the assets that don’t have a cash value, hire a professional appraiser to evaluate the value of each asset. The types of assets that will likely need to be appraised include (but are by no means limited to):

  • Homes and real estate
  • Personal property, such as motor vehicles, planes, jewelry, art, etc.

8 – File the completed inventory form with the court.

Once all of the assets have been listed and valued and the court forms have been completed, it will be time to submit them to the court within the appropriate time limit. In Colorado, this inventory of assets for probate will be due to the court within three (3) months of the executor being appointed to oversee the probate case.

Additionally, we want to point out that, when submitting these forms, it will usually be important to provide copies of all support documentation, such as copies of appraisals.

Once the inventory is approved, Colorado probate can proceed to the next phase, which usually entails satisfying the debts and taxes of the estate.

Denver Probate Attorneys at JR Phillips & Associates, PC

When facing probate or any estate planning issue, you can turn to the Denver probate attorneys at JR Phillips & Associates, PC for experienced help and superior representation. We provide a thoughtful, comprehensive approach to our clients’ probate and other estate planning needs, and we take pride in helping each of our clients and their families resolve these matters as favorably and efficiently as possible.

Contact Us

Let’s discuss your options during an initial consultation. To schedule this meeting, call us at (303) 741-2400 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Blogs