IF YOU HAVE A WILL AND ASSETS ARE NOT OVER 50M, IS A PROBATE NECESSARY

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

IF YOU HAVE A WILL AND ASSETS ARE NOT OVER 50M, IS A PROBATE NECESSARY

MY HUSBAND PASSED AWAY AND OWES MONEY ON A VEHICLE (MORE THAN VALUE OF CAR). WILL I BE LEGALLY RESPON SINCE THE TRUCK IS IN HIS NAME. CAN THE BANK TAKE ANOTHER VEHICLE PAID FOR AND IN HIS NAME.

Asked on May 7, 2009 under Estate Planning, Colorado

Answers:

L.M., Member, California Bar / FreeAdvice Contributing Attorney

Answered 15 years ago | Contributor

If the assets in the estate are over $27K, some type of probate is necessary, either informal or supervised.  The vast majority of estates in Colorado are administered informally. Informal administration means the estate is not court-supervised. An attorney can have a limited role in these proceedings and a client should discuss with their attorney the amount of help they will need.  A supervised administration is needed when there is a dispute among the parties who have an interest in the estate. In this situation, the court has to settle the dispute and attorneys are likely to be involved the entire time.  Regarding the truck, since it is part of the estate, it is a debt that the estate owes and will need to be paid off prior to the distribution of any other estate assets.  The other vehicle, as long as it is paid for, is part of the estate.  If your husband did not leave it to anyone in particular in his will, it would go to the residual beneficiary, i.e., the one who gets what doesn't go to the others.  Be aware, however, that you may need to sell that vehicle if there is limited cash in the estate and you need to pay off the other vehicle.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption