In general, when someone dies, the estate must go through probate which can be a complicated and lengthy process. But many states provide less complicated options for smaller estates.

Colorado law provides for simplified probate when the value of the entire estate less liens and encumbrances does not exceed the value of personal property held by or in the possession of the decedent as fiduciary or trustee, exempt property allowance, family allowance, costs and expenses of administration, reasonable funeral expenses, and reasonable and necessary medical and hospital expenses of the last illness of the decedent.  The personal representative may, without giving notice to creditors, immediately disburse and distribute the estate to the persons who are entitled to the property.

Another option in Colorado for heirs or beneficiaries to inherit property is the use of an affidavit. The heirs or beneficiaries prepare an affidavit identifying the assets they are entitled to inherit. This option may be used when the value of property owned by the decedent, wherever that property is located,, less liens and encumbrances does not exceed $50,000. After a waiting period of 10 days, the beneficiaries simply present the affidavit to the holders of the decedent’s property and it will be transferred to them.