Greeley Probate and Trust Settlement Attorney
At Brady, McFarland & Lord, LLC, we want to do everything we can to ensure that your estate is managed the way you want it to be. This means helping you avoid probate, as it can be expensive, time-consuming, and very stressful. Let us help you. Call our probate and trust settlement attorneys in Greeley at (303) 420-2863 or contact us online for a free initial interview.
What Is Probate?
In order for you to understand how to avoid probate, it’s essential first to make sure you know what probate is. Probate is the legal procedure your estate goes through once you pass away. During this proceeding, the court will distribute your estate to the rightful heirs.
Why Would I Want to Avoid Probate?
Probate can be time-consuming and very expensive. For smaller, less complicated estates that have to go through probate, the minimum processing time in Colorado is usually around six months. For more complex estates, it can take years, especially if any disputes arise.
How to Avoid Probate
We’ve discussed ways to avoid probate on other pages of our website, but we have more to share. While our experienced Greeley probate and trust settlement lawyers can always help you plan appropriately, we also think it’s important that you have as much information as possible.
If you jointly own a property with someone else, for example with your spouse, and both have a right of survivorship, the living owner automatically owns the property in full when the other one passes away. Probate will not be required in this case. If you know that you want to pass on a property to someone when you pass away, it’s a good idea to have joint ownership of the property. You don’t have to be married to own the property jointly with the right of survivorship. If you already own a property and want to change it to joint ownership, an experienced probate lawyer can help you handle that as well.
Transfer-on-Death Registration for Securities
In the state of Colorado, you can register stocks and bonds in a transfer-on-death (TOD) format. This is a common way for someone to hold a brokerage account. This means that once you pass away, the beneficiary you name will inherit this account automatically, and the account will not have to go through probate.
Transfer-on-Death Registration for Vehicles
In Colorado, you can also utilize transfer-on-death registration of vehicles. Similar to what you would do with stocks and bonds, you can register your vehicle this way, and then the beneficiary automatically inherits the car upon your death without having to go through probate.
Transfer-on-Death Deeds for Real Estate
Finally, you can do something similar with your real estate by executing a transfer-on-death deed. They are also referred to as beneficiary deeds. When you sign and record the deed in this way, you own it until you pass away. Once you pass away, it takes effect, and the beneficiary receives the property without it having to go through probate. The beneficiary doesn’t have control or access until you pass away. You can revoke the deed or sell the property at any time if your plans change or if you change your mind.
Our Greeley Probate and Trust Settlement Lawyers Can Help You Plan
The lawyers at Brady, McFarland & Lord, LLC can help you plan your estate so that your loved ones get everything they’re entitled to. Our goal is to protect what’s yours to the greatest extent possible. Our Greeley estate planning lawyers have been assisting clients with their probate and trust needs for decades. We are here to help you. Call our office at (303) 420-2863 or contact us online for a free initial interview.