The Denver probate lawyer at Donald Glenn Peterson Attorney at Law has extensive experience helping our clients defend their rights and interests, particularly in regards to creditors, in probate proceedings.
Before the assets of any estate are distributed to the beneficiaries of that estate, the executor of the will or personal representative of the estate must:
- Conduct a thorough search of the decedent’s financial documents to try to determine who all or any creditors may be
- Notify all identified creditors that the decedent has passed away
- File an affidavit with the probate court that all creditors have been notified of the decedent’s death
- Settle all creditor claims.
There is a statute of limitations for creditor claims against an estate in Colorado, and it dictates that creditors have between three and six months from the date of a “notice to creditors” being published in a local paper to file a creditor claim against the estate. Following these time frames, creditors will typically not be able to file creditor claims against the estate if the estate is in probate. However, if an estate does not go through probate, creditors may have up to one (or possibly two) years from the date of notification to file a creditor claim against the estate.
When a valid creditor claim is filed against an estate and there are not sufficient assets to cover the debt and the estate taxes, creditors may be able to go after assets not included in the probate proceedings, such as life insurance payouts.
Consulting with an Experienced Denver Probate Lawyer
If you are preparing to deal with the probate process and need assistance dealing the creditors, the Denver probate lawyer at Donald Glenn Peterson Attorney at Law is here to aggressively defend your rights and provide you with superior legal representation at every step of the process. Regardless of whether you are dealing with a small or large estate, our full-service law firm is skilled and effective at handling creditors in order facilitate the probate process and minimize the chances of any disputes and other emotional and financial headaches down the line.
For more information regarding our services, as well as professional legal advice regarding the best manner in which to move forward with your probate affairs, contact the experienced and trusted Denver probate lawyer at Donald Glenn Peterson Attorney at Law by emailing us or calling (303) 758-0999.