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Notifying and paying creditors are central parts of the Colorado probate process. In fact, Colorado probate code establishes very specific rules for how and when an estate’s personal representative should notify and pay creditors. Understanding how these rules work and affect you can be essential to:
When you need help with creditors in probate, you can turn to Colorado Springs Probate Lawyer Tammy W. Akers. She has more than 35 years of experience protecting her clients’ rights throughout the probate process—and she’s ready to provide you with crucial guidance and exceptional representation every step of the way.
Call (719) 988-3884 or to schedule your free, confidential consultation.
We invite you to contact our firm whenever you need clear answers about your rights and probate case. We also encourage you to check out the following FAQs, which share some helpful information to commonly asked questions about creditors in Colorado probate.
In Colorado, probate cases start when the will is filed with the probate court. This filing is typically done:
Once the will has been filed and the probate case has been opened, the personal representative will have to notify the creditors and other interested parties (like heirs and beneficiaries). So, while creditors are part of Colorado probate, they do not initiate these cases.
“Creditor probate” is not a legal term, nor does it accurately describe the probate process and how creditors are involved. Once creditors are notified of a probate case, they can become involved if they file a debt claim against that estate within the required time frame.
The creditors of an estate can vary widely, from individuals and businesses to national corporations and even the government. Some examples of estate creditors include:
Creditors who have valid debt claims against the estate will generally be paid first—before any assets are distributed to the heirs and beneficiaries. Keep in mind that there may be exceptions to this rule.
Creditors usually six months to file claims with an estate. While this time frame is intended to provide ample opportunity for all potential creditors to come forward, it also offers personal representatives time to:
Once the six-month period has ended, creditors can lose their rights to seek debt payment from the estate.
Here, it’s important to understand that:
Reduce the risk of problems with creditors in Colorado probate by evaluating debt claims and only paying debts when all claims have been submitted.
Generally, the assets of an estate are used to satisfy that estate’s debts as part of the probate process in Colorado. To that end, it may be necessary to liquidate the decedent’s personal assets of value that are now part of the estate. This could include (but is not limited to):
Please be aware that:
Dealing with creditors can be just one of the complicated elements of the probate process. Whether you’re a personal representative, an heir, or a beneficiary, you likely want to this step of the process to go right. More than that, you may want to see the entire probate case be resolved as efficiently and favorably as possible.
When that’s the case, it’s time to contact Colorado Springs Probate Lawyer Tammy W. Akers. Since 1984, she has been dedicated to:
Call (719) 988-3884 for important answers about your rights and clear advice about your probate case. Initial consultations are 100% free and confidential.
With Colorado Springs Attorney Tammy W. Akers in your corner, you can be confident that you have experienced representation and a true ally going the extra mile for you. Along with probate, Attorney Tammy W. Akers also represents clients in estate planning and family law matters.