If you’re an executor of a will in Colorado, you have the option to choose either formal or informal probate. Both ways have their respective advantages and disadvantages, but informal probate is often favored because of its speed, simplicity, and affordability. In this blog post, we’ll cover the benefits of choosing informal probate in Colorado.
Less Expensive
Compared to formal probate, informal probate can be significantly less expensive, especially if you don’t have to hire an attorney. In formal probate, you’ll need to pay for filing and publication fees, court costs, appraisal fees, and other expenses related to the probate process. These expenses can quickly add up and become a significant burden on the estate.
Informal probate, on the other hand, doesn’t require as many court appearances, which means fewer costs. Additionally, the process is substantially quicker, which can also save money in the long run.
Fewer Court Appearances
One of the biggest advantages of informal probate is that it requires fewer court appearances. Formal probate can be a lengthy process that involves several court hearings, which can be stressful and time-consuming for the executor and the heirs. With informal probate, you may only need to attend one hearing to get the judge’s approval, and everything else can be done through paperwork filed with the court.
Quicker Process
Informal probate is by far the quickest process for administering a decedent’s estate. Formal probate can take months, or even years, to complete, especially if the estate is complicated or contested. Informal probate, on the other hand, can often be wrapped up in a matter of weeks. This means that the beneficiaries can receive their inheritance much sooner, which can be beneficial if they’re waiting for the funds to pay for burial expenses or other urgent needs.
Greater Flexibility
Informal probate also offers greater flexibility in terms of how the estate is administered. In formal probate, the executor must follow strict legal procedures and guidelines set by the court. In informal probate, the executor has more freedom to make decisions that are in the best interest of the estate, as long as they comply with the law. This can be especially beneficial if there are unique circumstances related to the estate that the executor needs to address.
Conclusion
Choosing informal probate in Colorado can be a wise decision for many estates. It’s less expensive, requires fewer court appearances, and is a much quicker process overall. Additionally, it offers greater flexibility for the executor to make decisions that are in the best interest of the estate. As always, be sure to consult with an attorney to determine which type of probate is right for your particular situation.
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